CommBank Flags Legit Crypto Purchase as a Scam
- CommBank froze Andrew Broadbent’s AU$30K Bitcoin investment through crypto broker Stormrake, flagging the transaction as a scam despite his 35 years of financial experience.
- The bank forced Broadbent to sell at a AU$3,000 loss to prove the investment was legitimate, later apologising and reimbursing just AU$476.67 as part of its broader anti-fraud clampdown.
- CBA defended its actions, citing its AU$10K monthly crypto cap and claiming a 70% drop in scam losses since implementing stricter controls on digital asset transfers.
Andrew Broadbent, a Melbourne accountant, tried to invest AU$30,000 in Bitcoin last August through crypto brokerage Stormrake.
But the Commonwealth Bank (CBA) decided to shut it down…
