Commonwealth Bank Blocks App-Based Crypto Trading Citing Volatility

App-Based Crypto Trading

The Commonwealth of Australia has halted the launch of cryptocurrency trading on its application due to the sector’s volatility.

The bank’s CEO, Matt Comyn, says that the firm is assessing the feedback from customers, adding that more regulations were needed before moving to the next stage. The users in the initial pilot will reportedly not be able to continue trading through the app.

The executive cited the recent cryptocurrency market crash as a sign that the market was highly volatile and needed a robust regulatory framework. Comyn also remarked on a growing interest in the sector from the global regulators.

The bank was expecting to roll out an initial project pilot before gradually adding additional features to more clients in the year. 

Australia’s largest bank announced in November that it was planning to enable customers to trade cryptocurrencies through its application. The plan lets customers access about ten cryptocurrency tokens.

Source: The Guardian

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