Major Australian banks will not ban crypto purchases on credit

Four large Australian banks have decided not to follow the line of certain US and UK organisations. 

The four largest banks in Australia will not be following big names like J.P. Morgan Chase, Bank of America, Citigroup and Lloyds in banning cryptocurrency purchases using their credit cards.

Bank of America kicked off the current swathe of bans, blocking credit card crypto purchases last Friday, several other bans kicked in on Monday, with the UK’s Lloyds and Virgin Money echoing the decision earlier this week. Capital One has has such a block in place for a month or so, others for much longer – but the recent market fluctuations in the value of Bitcoin is being cited as provoking the latest decision.

However, according to Australian TV network ABC, neither ANZ, Westpac, NAB nor CBA intend to follow suit in the immediate future.

ANZ told the network it “does not prohibit customers buying digital or cryptocurrencies, or accepting them as a form of payment,” but would “monitor transactions for unusual behaviour to protect against potential fraud”.

In contrast, NAB reserved the right to block certain transactions in line with its current security policies, saying:

“Virtual currency exchange platforms are generally not regulated, customers may not be protected or have any legal recourse if the platform fails or is hacked… To reduce the risk for our customers, and to help protect their money, some card transactions may not be processed.”

Wespac’s stance chimed with that of NAB, but Commonwealth Bank offered no qualifying comments.