Australian Banks Highlight Crypto's Role in 40% of Scams

Defending measures against potential risks.

Australian banks justify payment restrictions to local crypto exchanges at the Australian Blockchain Week panel. Commonwealth Bank's Sophie Gilder highlighted the high rate of scams involving cryptocurrency, with one in three dollars scammed by Australians touching crypto. The government and major banks have shown no intention to back down against scams related to crypto, considering them unacceptably high. The banks' restrictions on crypto exchange payments were imposed to reduce the impact on customers. While some critics argue that the measures limit legal and regulatory risks, there is a call for closer collaboration to combat scams in the industry.