Australia’s Bendigo Bank blocks high-risk payments to crypto exchanges

Australias Bendigo Bank has become the 4th significant bank in the nation to announce blocks for “high-risk crypto payments,” pointing out the need to secure clients from financial investment scams.The bank said on July 31 that it implemented new rules on immediate payments to crypto exchanges that include “some friction to certain genuine payments,” according to its head of scams, Jason Gordon.It pointed out combatting fraudulent payments and improving defenses for its 2.3 million clients as factors for the blocks.Screenshot of Bendigo Banks caution about financial investment scams. Source: Bendigo BankA Bendigo Bank representative informed Cointelegraph that specific instantaneous crypto deals that it identifies as greater threat will be obstructed, but the bank is not revealing additional details at this time. The bank said it was not disclosing what exchanges might be impacted by its changes.Bendigo Banks blocks follow similar actions in recent months from 3 of Australias Big Four banks– Commonwealth Bank, National Australia Bank (NAB) and Westpac.In an interview performed before the recent Bendigo Bank statement, Chainalysis APAC Policy Head Chengyi Ong alerted that such actions would require Australias crypto public to interact with offshore exchanges.