Odaily Planet Daily reports that Bitcoin News posted on X that Westpac, Australia’s Westpac Bank, will impose a monthly cap of AUD 10,000 on customer payments to cryptocurrency exchanges starting December 1. After reaching this limit, Westpac may reject payments identified as transfers to cryptocurrency exchanges. This cap aggregates all payments made by customers through online banking, the Westpac app, and credit or debit cards across all their Westpac accounts, with no exemptions or higher limits available. Westpac does not support payments to cryptocurrency exchanges made at its branches, but incoming transfers from exchanges to Westpac accounts remain unaffected.
Westpac stated that the move aims to combat fraud, citing data from Australia’s National Anti-Scam Centre that 46% of reported scam losses last year involved cryptocurrencies. Customers purchasing more than A$10,000 worth of Bitcoin per month must fund the excess amount through other banks.