Westpac limits crypto exchange deposits driven by fraud rules
Summary
From Dec. 1, Westpac will apply a cumulative A$10,000 monthly limit to covered payments customers make to cryptocurrency exchanges across relevant accounts and channels, including online banking, its app, and cards. Joint-account holders each have their own allowance. The bank may reject payments above the limit and will stop supporting identified exchange payments in branches. It says customers cannot request exemptions or higher limits, though enforcement is discretionary and depends on identifying a covered exchange payment. Exchange withdrawals into Westpac accounts are unaffected. The bank cites cryptocurrency scam risks and says the measure builds on protections trialled in 2023.
