Home
News
- 1 Bendigo Bank became the fourth major bank in the country which blocked High-Risk Crypto payments.
- 2 The bank said their move will save its customers from investment frauds.
The Australian financial institution, Bendigo Bank recently announced that it blocked “high-risk crypto payments.” The bank cited the need to protect customers from investment frauds. On July 31, 2023, Monday, the head of fraud, Jason Gordon, said that it implemented new rules on instant payments to crypto exchanges that add “some friction to certain genuine payments.”
The bank also cited combating fraudulent payments and enhancing protections for its millions of customers as reasons for the blocks.
More Secure Crypto Transactions are Needed
In a media interview, a Bendigo Bank spokesperson stated that certain instant crypto transactions that it identifies as higher risk will be blocked. However, the bank did not disclose any further details.
The spokesperson also added that it identifies high-risk transactions by employing “a combination of factors” but didn’t specify any. The bank further mentioned that it was not disclosing what the crypto exchanges may be affected by these changes.
It must be noted that the similar actions have already been followed by three of known Australian banks. These banks are Commonwealth Bank, National Australia Bank (NAB) and Westpac. Bendigo Bank also followed the foot-steps of these well known financial institutions from Australia.
Furthermore, Chainalysis APAC Policy Head, Chengyi Ong, previously warned crypto users. As Ong said that they may eventually have no choice but to deal with offshore unregulated exchanges. Whereas such actions would force Australia’s crypto public to interact with offshore exchanges.
Ong also kept the point that such blocks won’t stop criminal actors from using other platforms, crypto or not, while uncertainty over banking access could also drive crypto exchanges and users outside the jurisdiction of authorities. Instead of cutting off crypto exchanges, Ong says banks — alongside regulators, telecommunication providers and social media platforms — need to cooperate at every point of the fraud lifecycle.
About Bendigo Bank
Bendigo and Adelaide Bank Ltd (ASX: BEN), an Australian financial institution, has a market cap of nearly 5.28 Billion AUD. The total revenue of BEN for the last semiannual (H1 2023) is 1.62 Billion AUD, and it’s 62.88% higher compared to the previous semiannual. The net income of H1 23 is 249.00 Million AUD.
For 2022, the revenue of Bendigo and Adelaide Bank Ltd amounted to 1.71 Billion AUD. The most of which — 1.14 Billion AUD — came from its highest performing source at the moment, Consumer. The greatest contribution to the revenue figure was made by Australia — last year it brought it to 1.71 Billion AUD.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
