BTC Markets responds to Commonwealth Bank

BTC Markets responds to Commonwealth Bank's announcement on crypto payment restrictions.

MELBOURNE, JUNE 9, 2023 - BTC Markets is closely monitoring the recent announcement made by Commonwealth Bank (CBA) regarding new measures aimed at protecting customers from scam risks associated with payments to “high risk” cryptocurrency exchanges. While BTC Markets acknowledges the importance of consumer protection, we are awaiting further clarity on the deposit restrictions outlined by CBA.

BTC Markets has been a vocal advocate for working closely with banking institutions and regulators to establish reasonable and appropriate legislation for the digital assets industry. We firmly believe that limiting customers' ability to interact with legitimate and respectable cryptocurrency exchanges, will only result in pushing capital offshore and alienating the Australian public.

CBA highlighted the increasing interest in cryptocurrencies among Australian consumers and the unfortunate rise of scams in both traditional finance and the digital asset space. While we recognise the need to combat fraudulent activities, it is crucial to find a balanced approach that preserves customer freedom and fosters innovation.

The introduction of 24-hour holds, declines, and limits on outbound payments to cryptocurrency exchanges by CBA, is aimed at reducing scams and minimising customer losses. However, it is important to note that these measures may not eliminate the risk of customers falling victim to scams associated with cryptocurrency exchanges. BTC Markets has robust internal fraud monitoring measures in place and will continue to enhance these actions to protect our clients’ assets.

BTC Markets will continue to closely monitor the impact of these scam response measures implemented by CBA, which will undergo ongoing review. We believe that a comprehensive whole-of-ecosystem approach, involving collaboration among government, regulators, banks, telcos, and other industry sectors, is essential to effectively combat scams and protect consumers.

BTC Markets encourages customers to remain vigilant against scams and urge customers to exercise caution and conduct thorough due diligence, particularly when it comes to potential investment scams.

As the digital assets industry continues to evolve, BTC Markets remains committed to providing a secure and trusted platform for Australians to engage with cryptocurrencies. We will continue our efforts to collaborate with all stakeholders to implement effective measures that prioritise customer protection without hindering legitimate market activities.

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