Westpac to cap monthly crypto exchange deposits at A$10,000 from Dec. 1

Westpac may limit deposits to cryptocurrency exchanges to a cumulative A$10,000 per month starting Dec. 1. The cap applies to transactions identified by Westpac as being directed to crypto exchanges at the time of transfer, and is not applicable to all exchanges. The monthly limit is calculated by combining deposit amounts made through multiple Westpac accounts and payment methods. Once the limit is reached, additional deposits may be declined until the next month begins. This measure aims to prevent fraud losses, with statistics from Australia’s National Anti-Scam Centre indicating that 46% of scam losses reported last year were linked to cryptocurrency.

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