The company, which has had to significantly reduce its staff this year, said the new policy from the CBA was understandable.

The bank this week introduced bans on high-risk exchanges and would hold payments to exchanges for 24 hours while also limiting the amount of payments to exchanges of $10,000 a month.

CBA’s general manager of fraud management services James Roberts said consumer interest in crypto had been increasing and scammers were capitalising on the trend and masquerading as legitimate investment opportunities.

“With the incidences of scams increasing and in many cases customers suffering significant losses from being scammed, the introduction of 24-hour holds, declines and limits on outbound payments to cryptocurrency exchanges will help reduce both the number of scams and the amount of money lost by customers,” Roberts said.

Swyftx said it was not among the CBA’s high-risk exchanges, but warned its customers that they should allow more time for their payments to arrive.

“It is important to note that there are new transaction limits that are expected to be implemented in the future,” the company said.

“We support initiatives to reduce fraudulent activity within the crypto ecosystem and understand why CBA is taking action.

“Fraudsters and scammers who steal other people’s money is a serious issue and one we can’t pretend doesn’t impact the crypto industry.”

It said 10 per cent of its staff were employed solely to prevent financial crime and compliance.

“While this change comes at a significant cost to our business, in our view this is what we believe it means to care about our customers and to be a responsible actor in the crypto industry.”