2022-05-20 08:16:42

Commonwealth Bank Puts Crypto Trading Trial on Hold as Regulators Dither

The Commonwealth Bank of Australia (CBA) has placed its plans for a second crypto trading pilot programme on hold indefinitely, and those who participated in the first round of testing have been denied access. CBA handed Cointelegraph a transcript of a Tuesday bank briefing in which CEO Matt Comyn stated that regulatory clarity was still pending. He also said that he was “working closely with various regulators on the right treatment of this particular product,” as one might expect. “Our intention still, at this stage, is to restart the pilot, but there are still a couple of things that we want to work through on a regulatory front to make sure that that is most appropriate.” Commonwealth Bank puts crypto trading trial on ice as regulators dither Commonwealth Bank of Australia CEO Matt Comyn insists his bank will move forward with the second pilot of crypto services on its app once regulatory uncertainty is cleared up. This… — Crypto Farting (@CryptoFarting) May 20, 2022 Comyn stated that a Treasury filing for the programme is being reviewed, but he did not provide an estimated completion date. Even though the second pilot programme had already been placed on hold by April when banking regulators objected to allowing regular bank users easy access to crypto, Comyn added that last week’s high volatility confirmed the necessity for the extended delay. Consumer protections were m...

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