Commonwealth Bank vs. Crypto: What You Need to Know! – 255

Major Australian Bank to block some Payments to crypto exchanges The Commonwealth Bank of Australia CBA For short has announced that it will Limit payments to some cryptocurrency Exchanges that are considered high risk By the bank the decision was made to Protect customers from potential fraud And scams as well as to comply with Anti-money laundering and Counter-terrorism finance regulations All of the same like thud that has been Thrown around surrounding cryptocurrency You know utilizing to Avoid taxes money laundering Funding terrorism funding drugs like These are all the things that are going To be brought to the Forefront and used As the reason for these types of actions Across the board right so expect it this Is nothing new according to a statement On the CBA website the bank will use a Risk-based approach to identify crypto Exchanges that pose a higher level of Risk to customers and the bank The bank will then apply lower daily Limits on how much customers can send to These exchanges using their CBA cards or Accounts the bank did not specify which Exchanges will be affected by the new Policy the CBA said that it supports Innovation and new technologies in the Financial customer uh and wait In the financial sector but it also has

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Responsibility to prevent Financial Crime and Safeguard customer funds the Bank added that it will continue to Monitor the crypto market and review its Position as the industry evolves here's My problem This is the exact thing that I don't Want my bank doing which is telling me What I can do with my money if I want to Make the mistake of participating within A high risk asset class with all of my Money that's in my bank account I want to have the ability to do that Right so it's kind of this weird thing It's like under the guise of well we're Going to protect you by telling you what You can and cannot do with your own Money the entire point of crypto is to Put the Financial Freedom back into the Hands of the individual and stop Banks And financial institutions from telling Us what we can do with our money and so It's kind of funny that it's like this Is where we sit with it where it's like Oh well You're doing exactly what we're trying To move away from as a society right This is the it's ridiculous the CBA is Not the first Australian Bank to impose Restrictions on crypto transactions Earlier this year the National Australia Bank NAB and Westpac also announced Similar measures to limit payments to Some crypto platforms the bank cited

Increasing regulatory scrutiny and Customer protection concerns as the main Reasons for their actions Of which of course will be standard Right Um It's not surprising that Australia is Jumping on board with all of this as Well And restrictions you know across the Board I think in the U.S most of this Stuff has been I mean let's be honest This has been par for the course Since the beginning of cryptocurrency It's always been difficult to onboard Right direct Bank transfers are blocked By a majority of banking uh by a Majority of Institute financial Institutions right Um the amount of limits placed on Cryptocurrency is absolutely insane even If you're within a cryptocurrency Exchange let's say like coinbase or there are crazy limits that Are put on your ability to withdraw from Those I mean that's why when you talk to People about making bulk purchases of Cryptocurrency miners for example you're More than likely going to be requested To do some sort of Bitcoin payment Because if you try to off-board your Bitcoin into like coinbase for example And then make a purchase you're going to Have like a limit a daily limit of

Something stupid low like 2500 which Is crazy if you really think about it Across the board you know these limits Are put on your bank accounts even if You have like 10 times the amount that's In there they block you it's put on all Of your card accounts and the only way Around this which is funny is going to Be Bitcoin but then at the same time now They're just proving everybody correct In the fact that they start restricting You more and more and more and more and That's going to drive people away from The traditional financial institutions Even more which is kind of funny it's Like the more you separate From you know Fiat from cryptocurrency Fiat from Bitcoin the more I think You're going to drive individuals One way or the other right Um And it'll be once we get into cbdc's It's going to get even more interesting With the amount of restrictions they're Put into place thanks for checking out This clip from the crypto mining show You can check out the full episode here Or more crypto content down here also I'd like you to check out my locals page At son of a where you Can become a member for free or choose To be a five dollar a month supporter That unlocks additional content

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