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Commonwealth Bank Announces New Crypto Measures – What it Means for Swyftx Customers

Today the Commonwealth Bank of Australia (CBA) announced new measures designed to decrease the risk to its customers of scams related to cryptocurrencies. These measures include: 

  • Banning payments to certain ‘high-risk’ exchanges; 
  • For all other exchanges, holding payments to exchanges for 24 hours; and 
  • Limiting the amount of payments to exchanges to $10,000 per month. 

I want to confirm to all of our customers that Swyftx is not on CBA’s ‘high-risk’ list.  For those of you who are customers of CBA, you may continue funding your Swyftx accounts from your CBA account, however you should consider allowing more time for the payments to arrive. 

However, it is important to note that there are new transaction limits that are expected to be implemented in the near future. 

So, how do we feel about this announcement? 

We support initiatives that help reduce fraudulent activity within the crypto ecosystem and understand why CBA is taking action. Fraudsters and scammers who steal other people’s money is a serious issue, and one which we can’t pretend doesn’t impact the crypto industry. That’s why, at Swyftx, we dedicate considerable time and resources to fighting fraud, scams and all other forms of financial crime.  

Some facts about us you may not know: 

  • 10% of our staff are dedicated solely to financial crime prevention and compliance. 
  • We have strong working relationships with a number of financial institutions and law enforcement agencies, and we work collaboratively with them to decrease the amount of fraudulent activity happening right across Australia. 

Your trading experience is our top priority, ensuring a safe and secure environment on our crypto exchange.  While this change comes at a significant cost to our business, in our view, this is what we believe it means to care about our customers, and to be a responsible actor in the crypto industry.   

If you are a CBA customer and you want to understand how these new measures may impact your ability to trade crypto at Swyftx, please reach out to our dedicated Customer Support team.  

We’re working hard behind the scenes to make sure any impacts are minimised, and we want you to feel safe, secure and confident being a Swyftx customer. 

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