The Australian Commonwealth Bank announced that it is imposing limits on the volume of deposits on cryptocurrency exchanges. The bank cited customer protection as the reason for this decision.

According to the bank, all payments to crypto exchanges will be canceled or delayed. A little later, the financial institution will introduce a limit of 10,000 Australian dollars for deposits on crypto sites. This is due to a large number of fraud in this area.

“We are seeing an increase in the number of fraud cases, and in many of these situations, our clients suffer significant losses. To do this, we introduce a 24-hour delay for making payments to cryptocurrency exchanges, and also set limits on the amount of outgoing payments. This should reduce both the number of cases of fraud and the amount of money lost by customers,” said James Roberts, head of the bank’s group fraud department.

Earlier, the Central Bank of Australia said that stablecoins can play an important role in the economy and financial system of the country.