There have been numerous reports of US banks blocking transactions to cryptocurrency exchanges for some time now and it seems Australia has gotten onboard with Operation Chokepoint.
On June 8 2023, Australia's biggest bank Commonwealth Bank "CBA", implemented a new policy which amongst other things introduced:
A 24 hour hold on all outgoing transfers to cryptocurrency exchanges; and
A limit 'coming soon' of $10,000 per calendar month to cryptocurrency exchanges.
The other major 3 banks in Australia have made similar changes and are now freezing accounts attempting to make transfers to cryptocurrency exchanges.
Please share your experiences to raise awareness and also ideas of how to proceed going forward with these new rules.
I expect Peer to peer exchanges to increase in popularity in the coming years such as Robosats. Unfortunately liquidity is essentially non existent at the moment on P2P exchanges but as we know in this space, pain drives change.
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