Commonwealth Bank of Australia Halts Crypto Trading Pilot Amid Market Turmoil
Categories: Crypto News US
CBA’s chief executive, Matt Comyn, has described the crypto market as “a very volatile sector that remains an enormous amount of interest [for CBA]”. However, the company’s focus seems to be on ensuring customer wellbeing and aligning itself with the proper regulations.Australia’s Federal Treasury is currently meeting to discuss these matters, with submissions remaining open until May 27. The result of this weekend’s election will also hold sway over how this regulation might look. Earlier last month, CBA was experiencing delays with its upcoming crypto app due to regulatory speed bumps. This came as the Australian Securities and Investments Commission worked to ensure that CBA’s offering would comply with design and distribution rules. Plans for the app were announced in November last year, and CBA has met multiple challenges in briCommBank’s Scam Alert Just a month ago, the Commonwealth Bank issued a scam alert on the discovery of a false crypto platform partnership report. The fake article had been doing the rounds on social media platforms, misrepresenting the CBA brand and trying to entice Aussies to engage with the scammer’s website. CBA was a logical target for the scammers considering the bank’s prior engagement with the crypto industry.