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Chengyi Ong, Chainalysis policy lead, cautions that crypto users might be left with no alternative but to deal with offshore unregulated exchanges in the future.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/6df233fe515646d7b61ad297c33aa1e6.gif" />Bendigo Bank, an Australian financial institution, has joined the ranks of major banks in the country by implementing blocks on “high-risk crypto payments.” This move is aimed at safeguarding customers from investment scams.According to Jason Gordon, the bank’s head of fraud, new rules were introduced on July 31, specifically targeting instant <a href="https://cryptosheadlines.com/mercado-bitcoin-crypto-exchange-brazil-granted-license-as-a-payment-institution/" rel="noopener noreferrer nofollow">payments to crypto exchanges</a>. The objective is to introduce some friction to certain legitimate payments.Bendigo Bank justified the decision, <a href="https://cryptosheadlines.com/liechtenstein-prime-minister-bitcoin-to-be-accepted-for-state-payments/" rel="noopener noreferrer nofollow">stating that it intends to combat fraudulent payments</a> effectively and enhance protection measures for its vast customer base, which consists of approximately 2.3 million individuals.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/66af8e09a7d7441198c6e6bd947ba1e1.webp" />Screenshot of Bendigo Bank’s warning about investment scams. Source: Bendigo Bank<h3 id="bendigo-bank-blocks-high-risk-crypto-transactions">Bendigo Bank Blocks High-Risk Crypto Transactions</h3>Bendigo Bank has confirmed the blocking of certain instant <a href="https://cryptosheadlines.com/feeless-eth-babydogecoin-transforming-crypto-transactions/" rel="noopener noreferrer nofollow">crypto transactions</a> considered higher risk, but specific details are withheld currently.According to the bank’s spokesperson, high-risk transactions are identified using a combination of factors, yet specific information remains undisclosed.Bendigo Bank joins other major <a href="https://cryptosheadlines.com/prominent-australian-bank-to-restrict-and-reduce-payments-to-high-risk-crypto-exchanges/" rel="noopener noreferrer nofollow">Australian</a> banks, including Commonwealth Bank, National Australia Bank (NAB), and Westpac, in implementing such blocks on crypto transactions.Chainalysis’ APAC Policy Head, Chengyi Ong, warns that these actions might lead Australia’s <a href="https://cryptosheadlines.com/crypto-community-reacts-to-bitcoins-plunge-below-27k/" rel="noopener noreferrer nofollow">crypto community</a> to seek offshore exchanges, as blocks won’t deter criminals and uncertainty over banking access may push exchanges and users outside jurisdiction.<h3 id="collaborative-approach-urged-for-crypto-scam-prevention">Collaborative Approach Urged for Crypto Scam Prevention</h3>Chainalysis’ APAC Policy Head Chengyi Ong emphasizes the need for banks, regulators, telecommunication providers, and <a href="https://cryptosheadlines.com/eu-consumer-group-files-complaint-against-social-media-platforms-over-crypto-advertising/" rel="noopener noreferrer nofollow">social media platforms</a> to cooperate at every stage of the scam lifecycle, instead of cutting off exchanges. <a href="https://cryptosheadlines.com/bendigo-bank-blocks-high-risk-payments-to-crypto-exchanges/" rel="noopener noreferrer nofollow">Read More...</a>

Bendigo Bank Blocks High-Risk Payments to Crypto Exchanges

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