James Roberts, Commonwealth Bank General Manager of Group Fraud Management Services cited a huge scale of “investment scams” involving crypto exchanges.
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James Roberts, Commonwealth Bank General Manager of Group Fraud Management Services cited a huge scale of “investment scams” involving crypto exchanges.
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Executives from two of Australia’s “big four” banks have said they won’t allow their retail customers to trade crypto with ANZ adding its happy it didn’t “go head long” into a cryptocurrency offering.
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Commonwealth Bank of Australia CEO Matt Comyn insists his bank will move forward with the second pilot of crypto services on its app once regulatory uncertainty is cleared up.
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“Our main concern is that many taxpayers believe their cryptocurrency gains are tax-free or only taxable when the holdings are cashed back into Australian dollars,” said the ATO commissioner.
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“It’s still a very volatile investment, so any allocation exposure we make to cryptocurrencies is likely to be part of our diversified portfolio,” said Rest Super’s CIO Andrew Lill on Tuesday.
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“We see risks in participating, but we see bigger risks in not participating,” said CBA CEO Matt Comyn on the bank’s recent crypto adoption play.
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The CBA stated that it will support 10 crypto assets in its banking app, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
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Despite increasing regulation in the cryptocurrency sector, Australia’s major banks maintain cautious policies when it comes to cryptocurrencies. While cryptocurrency businesses appear to challenge Australian banks’ appetite for risk, many institutions permit cryptocurrencies to be purchased using credit cards. Also Read: Lithuania to Adopt Crypto Regulations Even Stricter Than the EU’s Credit Card Cryptocurrency Purchases […]
The post Aussie Banks Still Cold to Cryptocurrency Businesses Despite Regulation appeared first on Bitcoin News.
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A national inquiry into the misconduct of Australia’s banking sector has revealed profit-driven malpractice that has shattered customer trust. Some of the country’s largest banks were found guilty of making families homeless and charging fees for non-existent services, sometimes to dead customers. They also caused clients to lose hundreds of millions of dollars through misleading […]
The post Australian Banks Fraudulently Collected Fees From Deceased Customers appeared first on Bitcoin News.
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While TD Bank has revised its policies and stopped allowing customers to purchase cryptocurrencies using its credit cards, some major banks in Canada still allow crypto credit card transactions, the banks reportedly confirmed on Friday. Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten TD Bank Halts Crypto Credit Card Purchases Canada’s largest bank […]
The post Some Major Canadian Banks Still Allow Cryptocurrency Credit Card Transactions appeared first on Bitcoin News.
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