Westpac has set a monthly payment cap of AU$10,000 for its customers making to cryptocurrency exchanges.

Westpac has announced that, effective December 1st, it will cap monthly payments made by customers to cryptocurrency exchanges at AU$10,000. This limit applies to all payments made to a customer's Westpac account via online banking, the Westpac app, and credit and debit cards, with no exemptions or higher limits. Westpac does not support payments to cryptocurrency exchanges at its branches, but transfers from exchanges to Westpac accounts are unaffected. Westpac states this move aims to combat fraud, citing data from the Australian National Fraud Centre that 46% of reported fraud losses last year involved cryptocurrencies.