BITCOIN

Commonwealth Bank of Australia plans to restrict payments to crypto trading platforms, citing the threat of scams. The measure would deal another blow to digital asset exchanges operating in the country where it has been getting harder to deposit funds for cryptocurrency operations. Crypto Traders in Australia to Face Another Restriction on Fiat Deposits Australia’s largest lender intends to impose a monthly limit of 10,000 Australian dollars ($6,663) on payments made to crypto exchanges. In a statement quoted by Bloomberg, Commonwealth Bank of Australia (CBA) detailed that some of the transfers will be held for 24 hours or declined. Scams around the world are “masquerading as legitimate investment opportunities or diverting funds into cryptocurrency exchanges,” said General Manager of Group Fraud Management Services at CBA, James Roberts, providing reasons for the upcoming move. Australians have lost at least 3 billion Aussie dollars to scams in 2022, the report notes, which repr

Major Chinese state-owned banks have lowered interest rates on U.S. dollar deposits. However, they reportedly dismissed claims that the moves were influenced by the Chinese government, stating that the rate cuts were market-driven. Chinese Banks Reduce Dollar Deposit Rates Major Chinese state-owned banks reportedly cut the maximum interest rates they offer on U.S. dollar deposits this week. They explained that the moves were market-driven, dismissing recent reports by some news outlets that their decisions were influenced by the Chinese government. Reuters, for example, reported Tuesday that “In a rare attempt to bolster China’s yuan, a self-regulatory body overseen by the country’s central bank has told major state-owned banks to lower dollar deposit interest rates.” The publication cited four people with direct knowledge of the matter. According to a Wednesday report by the Global Times, “some bank insiders” described the reductions in dollar deposit rates as a self-regulatory

Several lawmakers have slammed the U.S. Securities and Exchange Commission (SEC) for regulating the crypto industry by enforcement. One lawmaker says the regulator’s latest action against crypto exchange Coinbase “demonstrates a complete contempt for Congress which is in the process of developing a framework.” Another lawmaker stated that if the regulatory framework were in place, “the SEC wouldn’t have to take the actions that they’ve taken.” Lawmakers Slam SEC and Chair Gary Gensler The U.S. Securities and Exchange Commission (SEC) and Chair Gary Gensler have been heavily criticized for regulating the crypto industry by enforcement after the regulatory agency took action against two leading cryptocurrency exchanges this week. The Nasdaq-listed crypto exchange Coinbase faced a lawsuit from the SEC on Tuesday, while and its CEO, Changpeng Zhao (CZ), were hit with 13 charges by the securities regulator a day earlier. The SEC labeled 12 crypto tokens as securities in the Binance l

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