Hi folks,
I have tried 5 different times to buy crypto from Binance in the past week and all the payment methods were declined by CBA.
The only payment methods Binance can take are credit/debit cards, Google and Apple pay, or Peer to Peer. I have tried credit card, google pay and also debit card, but they were all declined.
I contacted customer service and they could not explain me exactly why my transactions were decline other than saying they have a new policy about crypto to avoid fraud and some transactions may be declined by the bank. To prevent fraud is a good thing however I was trying to tell them it is a genuine transaction, I would to like to buy some crypto, but they simply redirected my call to another department which no one picked up, after 45 mins waiting I hung up. I contacted them via Twitter, after explaining it all they suggested me to try a different payment method only.
So if the policy is to prevent fraud and I am trying to tell them this is a valid transaction, why they do not approve it?
If the policy is to prevent fraud why are they suggesting I should try a different payment method which would actually only leave me the Peer to Peer option, which is way more risky.
So my question is, is this legal? Can the bank decide where and with whom I can make a transaction?
What can I do about it?
CBA Web Page about the policy:
www.commbank.com.au
Kind regards,
Bruno
I have tried 5 different times to buy crypto from Binance in the past week and all the payment methods were declined by CBA.
The only payment methods Binance can take are credit/debit cards, Google and Apple pay, or Peer to Peer. I have tried credit card, google pay and also debit card, but they were all declined.
I contacted customer service and they could not explain me exactly why my transactions were decline other than saying they have a new policy about crypto to avoid fraud and some transactions may be declined by the bank. To prevent fraud is a good thing however I was trying to tell them it is a genuine transaction, I would to like to buy some crypto, but they simply redirected my call to another department which no one picked up, after 45 mins waiting I hung up. I contacted them via Twitter, after explaining it all they suggested me to try a different payment method only.
So if the policy is to prevent fraud and I am trying to tell them this is a valid transaction, why they do not approve it?
If the policy is to prevent fraud why are they suggesting I should try a different payment method which would actually only leave me the Peer to Peer option, which is way more risky.
So my question is, is this legal? Can the bank decide where and with whom I can make a transaction?
What can I do about it?
CBA Web Page about the policy:
Changes to cryptocurrency and other payments - CommBank
To help keep you safe and protect you from fraudulent transactions, we’re making changes to cryptocurrency payments.
Kind regards,
Bruno