National Australia Bank (NAB) has taken action alongside the country’s other leading banks in order to protect against threats of crypto scams. In blocking access to certain digital asset platforms, NAB is combattingthe rising risks that cost Australians A$221 million (USD $151 million) last year. Chris Sheehan, an executive from NAB, commented that these criminals are transnational crime groups that use various such means including cryptocurrency to transfer stolen funds quickly and often overseas. Thenouncing of Binance in May, and recent stronger regulation in the Australian crypto market, with the new Bitcoin ETF application, contribute to the anti-scam efforts.
