National Australia Bank Blocks Cryptocurrency Platforms to fight Scams

NAB Takes Action Against Cryptocurrency Scams

National Australia Bank (NAB) has implemented measures to protect customers from cryptocurrency scams, including blocking certain cryptocurrency platforms. NAB halted millions in payments and introduced blocks on high-risk platforms where scams are prevalent. Although specific exchange names were not mentioned, it is suggested that Binance could be affected, following similar actions by other major Australian banks. NAB's move comes as Australian banks claim that nearly half of the reported scam funds in the country are linked to crypto. Last year, Australians lost over $221 million to cryptocurrency scams, prompting a demand for better protection.