Westpac to Cap Monthly Crypto Exchange Payments at A$10,000 from Dec. 1

Westpac's flat, no-exception cap treats crypto exchange transfers as a distinct risk category rather than ordinary payments, which matters because it sets a template other Australian banks could follow. The practical effect falls on retail customers who move funds to exchanges regularly, and the branch ban removes a human workaround. The open question is whether other banks adopt similar caps, and how customers route around them — through other payment rails or other institutions — which would simply shift the activity rather than reduce it.