Australia’s Commonwealth Bank slams breaks on crypto services

The Commonwealth Bank of Australia (CBA) has paused the launch of crypto trading on its app amid heightened volatility in the crypto market, The Guardian reported.   

See related article: Commonwealth Bank first in Australia to offer crypto trading

Fast facts

• Australia’s largest bank announced its plans to allow customers to trade up to 10 cryptocurrencies, including Bitcoin and Ethereum, in November.
• The plan was in its early pilot stage, and users already enrolled in the pilot will be allowed to continue to trade through the platform.
• “[Crypto] is clearly a very volatile sector that remains an enormous amount of interest,” CBA CEO Matt Comyn said in a tech briefing, adding more regulation is needed in the space before continuing the plan.
• The country’s Treasury has opened a consulting paper for public submissions on licensing and custody.
• Australia’s federal election is scheduled for Saturday, May 21, and while cryptocurrency has not been a major campaign issue, the incumbent Liberal Party has taken steps toward regulating the industry.
• After falling in line with traditional stocks on Thursday, most major tokens were in the green in the past 24 hours, with Bitcoin and Ethereum gaining roughly 4% and 3% to trade at US$30,205 and US$2,013 respectively at press time.

See related article: Australia announces biggest overhaul to payments in 25 years — eyes now set on crypto