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Banking executives in Australia have said that 40% of all scam profits “touch” crypto , meaning bank restrictions are “the single largest lever [banks] have to reduce this impact on our customers.” On June 8, Australia’s Commonwealth Bank (CBA) said it will start to decline or pause certain payments being made to crypto exchanges “to help protect customers from scam risks associated with making certain payments to cryptocurrency exchanges.”  Another bank in Australia, Westpac, is also trialing cryptocurrency restrictions and recently banned customers from transferring money to Binance in a bid to curtail scams. At Australian Blockchain Week on Monday, an executive from CBA shared why these payment restrictions were made. “One in three of the dollars that are scammed from Australians touch crypto, one in three,” said Sophie Gilder, CBA’s managing director of blockchain and digital assets.  This figure could be higher at 40% according to a portfolio manager at ANZ (an...

The CEO of Independent Reserve says Hong Kong's "friendly" licensing regime makes it a worthy destination to set up shop, but there are other factors to consider. Australia-based crypto exchange Independent Reserve is looking at opportunities to set up shop in Hong Kong, as the city continues efforts to become a cryptocurrency hub.  Set to take effect in June, the Hong Kong Securities and Futures Commission (SFC) released a proposed licensing regime for cryptocurrency exchanges on Feb. 20 in line with its ambitions to become Asia’s next crypto hub. Independent Reserve co-founder and CEO, Adrian Przelozny told Cointelegraph the “friendly” licensing regime makes Hong Kong a worthy destination to set up a new base, something his firm is now strongly considering. “Right now it is looking very interesting [...] The recent announcement by the regulators in Hong Kong does make Hong Kong look like a friendly jurisdiction.” “We see Hong Kong as a good opportunity for Independent ...