Bendigo Bank Blocks Payments to Crypto Exchanges: What Does It Mean for Crypto Coins?

Crypto Payments Blocked by Bendigo Bank

Australia’s Bendigo Bank has taken steps to protect its 2.3 million customers from investment scams by blocking “high-risk crypto payments.” According to Jason Gordon, the bank’s head of fraud, the new rules add “some friction to certain genuine payments.”

The bank’s decision has been met with mixed reactions in the crypto community, with some crypto coins, such as Chiliz Crypto, Circle Crypto, Crypto.com, Crypto Celsius, and Comp Crypto, decrying the move as a step backward for the crypto industry.

The bank has not disclosed what specific criteria it uses to determine which crypto transactions to block, but the spokesperson did confirm that certain instant crypto payments are considered higher risk and will be blocked accordingly.

Using Crypto to Combat High-Risk Transactions

The spokesperson said a combination of factors is used to identify high-risk transactions, yet refused to comment on specifics. Bendigo Bank’s recent move follows similar actions from three of Australia’s Big Four banks — Commonwealth Bank, National Australia Bank (NAB) and Westpac.

In an interview with Cointelegraph, Chainalysis APAC Policy Head Chengyi Ong warned that such blocks would force Australia’s crypto public to interact with offshore exchanges. Ong argued that criminal actors would still find other platforms, crypto or not, and uncertainty over banking access could drive crypto exchanges and users outside the jurisdiction of authorities.

Crypto coins, such as Chiliz, Circle, Crypto.com and Celsius, are being used to combat this issue. Crypto casinos and daily crypto services are also helping to provide a safe and secure platform for users to interact with. Web 3.0 is the latest technology being used to ensure the safety and security of crypto transactions.

Crypto Exchange Cooperation

According to Ong, banks, regulators, telecommunication providers, and social media platforms should all work together to prevent scams throughout their lifecycle. Dr. Aaron Lane, senior lecturer with the RMIT Blockchain Innovation Hub, expressed to Cointelegraph that banks can best protect consumers by collaborating with crypto exchanges.

In June, the Department of the Treasury issued a statement with similar advice. Australia has been deliberating crypto-specific regulations for over three years, and Dr. Lane suggested that lawmakers take crypto law reform “out of the too-hard basket.”

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The Treasury said it comprehends that its lack of action on debanking will restrict financial services competition and innovation and could “drive businesses underground and to operate exclusively in cash.”

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