Westpac sets A$10,000 monthly cap on crypto exchange payments
BROBROK News · Based on reporting by CryptoSlate ·
Westpac will apply a cumulative monthly limit of A$10,000 to payments sent to identified cryptocurrency exchanges through covered accounts and payment methods starting Dec. 1. The bank will also stop accepting branch payments it identifies as going to crypto exchanges, with no exemptions or higher limits available.
Key points
- Monthly cap applies across relevant accounts and payment methods
- Covered channels include online banking, the Westpac App and cards
- In-branch payments to identified exchanges will end on Dec. 1
- Joint account holders each keep their own A$10,000 limit
- Withdrawals from exchanges into Westpac accounts are unchanged
Why it matters
The policy adds another bank-level friction point for moving money into crypto exchanges. It also shows how fraud concerns are shaping payment restrictions rather than broader exchange access itself.
Original headline: “Westpac limits crypto exchange deposits driven by fraud rules”
Read the original on CryptoSlate
Summary and analysis written by BROBROK News from the original report. Read the full story on the source website. Not investment advice.