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Odaily reports: Bitcoin News posted on X platform that Australia's Westpac Bank will impose a monthly cap of AUD 10,000 on customer payments to cryptocurrency exchanges starting December 1. Once the limit is reached, Westpac may decline payments it identifies as being made to crypto exchanges; the cap applies in aggregate across all Westpac accounts through online banking, the Westpac app, and credit and debit card payments, with no exemptions or higher limits. Westpac does not support customers making payments to crypto exchanges at branches, and transfers from exchanges into Westpac accounts are unaffected.Westpac said the move is aimed at combating scams, citing data from Australia's National Anti-Scam Centre that 46% of reported scam losses last year involved cryptocurrency. Customers purchasing more than AUD 10,000 of Bitcoin per month will need to fund the excess through other banks.
According to Cointelegraph, Australia will officially implement the cryptocurrency "Travel Rule" starting from July. At that time, when users conduct incoming and outgoing transfers on locally regulated cryptocurrency exchanges, they must provide the name and platform information of the payee or payer; when transferring to self-custody wallets, they also need to confirm address ownership. This rule is enforced by the Australian Transaction Reports and Analysis Centre, applies to transfers of all amounts, and aims to strengthen transaction traceability to prevent money laundering, terrorist financing, and fraud activities.