Westpac limits crypto exchange deposits driven by fraud rules

Westpac's crypto-payment policy, effective Dec. 1, sets a cumulative monthly allowance of A$10,000 across a customer's relevant accounts and payment methods. The bank's payment policy lists online banking, the Westpac App, credit cards and debit cards among the channels where the limit may apply. App transfers and card payments share the customer's cumulative allowance wherever Westpac applies the policy to those products and payment methods. Once the cumulative amount reaches A$10,000 in a calendar month, Westpac may reject additional eligible payments to exchanges until the next month begins. The policy's cumulative design means a customer's payments across those relevant products contribute to the amount already used that month. For joint accounts, each holder has a cumulative monthly limit of A$10,000 across their relevant products and payment methods.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CryptoSlate.