News · Institutions & ETFs
The Australian banking giant will restrict customer payments to digital asset exchanges without exemptions, while inward withdrawals remain unchanged.
Key point 1 of 3
01
Westpac is implementing a monthly limit of A$10,000 on payments to cryptocurrency exchanges starting in December .
Key point 2 of 3
02
The bank stated that account exemptions and requests for higher limits will not be made available .
Key point 3 of 3
03
Withdrawals transferring capital from crypto exchanges into Westpac accounts will remain completely unchanged .
Context
Traditional banking institutions have progressively implemented transaction constraints and payment limits on accounts interacting with digital asset exchanges.
Why it matters
Westpac account holders moving funds to digital asset venues face a strict monthly cap of A$10,000 without options for individual waivers or increased thresholds.
What to watch
The activation of the policy across Westpac payment infrastructure in December.
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