Australian Bendigo Bank Restricts Transfers to Crypto Exchanges

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Bendigo Bank, one of the largest banks in Australia, has announced it will be blocking “high-risk crypto payments” in order to protect customers against potential fraud.

The new rules mean that certain transfers to cryptocurrency exchanges will be classified as hazardous and blocked.

However, the bank has refrained from providing further details regarding the affected platforms.

The institution’s website states they take measures to prevent investment scams, such as schemes attempting to disguise themselves as offers to purchase cryptocurrencies, such as Bitcoin, and the sale of shares or property.

The Commonwealth Bank of Australia has previously imposed a similar restriction on customers.

Furthermore, the Australian regulator revoked the license of the Binance branch in April, and later initiated a similar sanction against FTX crypto exchange’s local division.

According to Bloomberg sources, Binance’s Australian office was visited by investigators in July as part of an investigation into derivatives.

Binance had notified customers earlier in the month of the suspension of deposits made in Australian dollars due to the provider’s reaction.