Australian Bank Won’t Let You Buy More Than $7K Crypto Per Month

A Commonwealth Bank executive said 24-hour holds and limits on outbound payments to crypto exchanges will help decrease the number of scams

article-image

Janaka Dharmasena/Shutterstock modified by Blockworks

share

Australia’s top bank by assets, Commonwealth Bank (CBA), is enhancing customer protection aimed specifically at payments to crypto exchanges.

Starting Thursday, the bank will either reject or temporarily withhold specific payments made to crypto trading platforms. 

CBA will also implement a monthly limit of A$10,000 ($6,664) for customer payments intended for purchasing cryptocurrencies from exchanges.

James Roberts, general manager of group fraud management services at the bank, said in a statement:

“With the incidences of scams increasing and in many cases customers suffering significant losses from being scammed, the introduction of 24-hour holds, declines and limits on outbound payments to cryptocurrency exchanges will help reduce both the number of scams and the amount of money lost by customers.”

The move follows CBA’s announcement that it would share its NameCheck anti-scam technology with government organizations and other financial companies involved in payment processing in Australia. The purpose is to collectively combat scams and fraud.

Last month, another Australian bank, Westpac, initiated a trial of new customer safeguards for certain cryptocurrency payments in order to minimize losses resulting from scams. Westpac’s list of “high-risk” exchanges reportedly included Binance among the crypto platforms.

At the same time, Binance Australia notified users that it would suspend specific Australian dollar deposits.

Australia is currently grappling with the regulation of cryptocurrencies. The Labor government has recently put forth proposals to enhance enforcement measures.

However, government documents obtained through Freedom of Information laws suggest it could take more than a year to establish Australian laws that regulate the crypto industry to protect retail customers.

CBA stopped a landmark trial program last year that briefly let some users buy cryptocurrencies including bitcoin, ether and some DeFi tokens within its own banking app.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

The derivatives giant will extend futures and options access to round-the-clock trading in early 2026

by Blockworks /
article-image

Global fiber network goes live as SEC clears 2Z token for utility use

by Blockworks /
article-image

The SPAC transaction positions Avalanche Treasury Co. as a Nasdaq-listed vehicle for institutional AVAX exposure by 2026

by Blockworks /
article-image

The collaboration brings regulated money market fund exposure to Polygon, with custody provided by Standard Chartered

by Blockworks /
article-image

FG Nexus teams with Securitize to bring its Nasdaq-listed equity onchain, offering tokenized stock trading through Ethereum

by Blockworks /
article-image

Sponsored

Taiko launches binding onchain governance and appoints three directors with expertise in global regulation, business strategy and blockchain tech

by Sponsored /