NSW Can CBA decline my debit card transaction to Binance?

[bfrascino]

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:

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.

www.commbank.com.au

Kind regards,

Bruno

 

[Tim W]

Maybe the Universe is trying to tell you to stay out of (or get out of) crypto.
Maybe take the hint?

 

[bfrascino]

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:

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.

www.commbank.com.au

Kind regards,

Bruno

I thought this was technical forum, not a social media where people express their personal opinion specially when not asked about anything.

 

[Tim W]

You asked a legal question.
Please consider the possibility that me being a lawyer might be... relevant.

But, since you didn't ask about anything, you can disregard the following.

The answers you don't want, to your questions about nothing, are:

"...is this legal?"

Yes. A bank can decline any individual transaction that they think might
put (some or any of) their customers' funds, or them as a business, at risk.
and

"What can I do about it?"

Not much, other than take your banking elsewhere.

 

[bfrascino]

Thank you Tim

 

[bfrascino]

The way I see, crypto is a risky investment which I am willing to take as any investment has a risk.
Now I am wondering how does a debit card transaction could put the bank at risk, the loss would only be mine.

 

[DonnaJerrily]

Regarding your question about whether the bank can decline specific transactions, banks have the authority to scrutinize and decline transactions for various reasons, including security concerns. In this case, it seems CBA has implemented new policies to prevent fraudulent cryptocurrency transactions. While this is done with good intentions, it can be frustrating when genuine transactions are caught up in the process.
Additionally, as you delve deeper into the world of cryptocurrencies, you might want to consider using crypto mixers as a way to enhance your privacy and security during transactions.

 

[metholdakaarison]

It's possible for your bank, such as Commonwealth Bank of Australia (CBA) in this case, to decline a transaction to Binance or any other cryptocurrency exchange for various reasons. Banks may have policies or concerns related to security, fraud prevention, or compliance with regulations regarding cryptocurrency transactions Voip finance. Additionally, individual banks may have their own specific policies regarding cryptocurrency purchases.