Cryptocurrency Payments with your Cairns Bank Account
With the growing popularity of cryptocurrency, we’ve seen a significant rise in scams targeting people who transact with crypto and digital asset exchanges. To help keep your finances safe, Cairns Bank has introduced additional security measures to reduce the risk of fraud and financial loss.
What we're doing to help protect you
To help safeguard customers using Personal and Business deposit accounts, we’ve implemented the following controls:
Making Payments
Cairns Bank may block, decline, or impose limits on payments and transfers from your account where we reasonably believe the transaction involves, is directed to, or is associated with:
• accounts owned or controlled by cryptocurrency or digital asset exchanges,
• remittance service providers, or
• any other entity
we have assessed as posing an unacceptable risk of being used for unlawful activities, including suspected fraud or scams.
We will do this if we reasonably believe the transaction may lead to financial loss for you or Cairns Bank.
Receiving Payments
You can still receive payments from cryptocurrency or digital asset exchanges into your Cairns Bank account. However, please note that the exchanges themselves may have their own rules or restrictions in place.
Why Cryptocurrency Transactions Are Being Targeted By Scammers
According to the Australian Transaction Reports & Analysis Centre (AUSTRAC), cryptocurrency is increasingly being used for:
- Scams
- Money laundering
- Money mule activities
Because crypto transactions are fast and often anonymous, scammers find them appealing. Unfortunately, some individuals have lost significant amounts — even their life savings — to fraudulent crypto schemes.
The Australian government continues to introduce regulations to improve the safety of financial services and legitimate transactions, but the landscape is constantly changing. New exchanges appear frequently, and while we do our best to monitor activity, no system is foolproof.
That’s why it’s essential for you to stay alert and take steps to protect yourself.
Stay vigilant. Stay safe.
Your financial security is our top priority.
Cryptocurrency Transactions FAQs
Does the bank support cryptocurrency transactions?
Yes, Cairns Bank does support cryptocurrency transactions. At this time, our bank does not facilitate the direct purchase, sale, or storage of cryptocurrencies. However, customers may see transactions on their accounts that relate to third-party cryptocurrency platforms.
Can I transfer money from my bank account to a cryptocurrency exchange?
Yes, subject to standard payment rules and security checks. However, once funds leave your account and are transferred to a cryptocurrency exchange, they are outside our control. We strongly recommend you only deal with registered, reputable platforms and understand the risks before sending money.
What risks should I be aware of when dealing with cryptocurrencies?
- Volatility: Cryptocurrency values can fluctuate dramatically.
- Irreversible transactions: Payments in cryptocurrency cannot be reversed once completed.
- Fraud and scams: Crypto-related scams are common. Be cautious of unsolicited investment offers, “too good to be true” returns, or anyone asking you to pay in cryptocurrency.
- Limited protections: Cryptocurrencies are not generally covered by government deposit guarantees, financial consumer protections, or standard dispute resolution processes.
What should I do if I suspect I’ve been scammed?
Contact us immediately if you think you have sent money to a fraudulent party. While we cannot reverse cryptocurrency transactions, we may be able to assist in stopping further payments and provide guidance on next steps, including reporting to relevant authorities.
Can the bank recover cryptocurrency once it has been sent?
No, cryptocurrency transactions are typically irreversible. Once sent, funds cannot be traced or recovered by the bank.
Is cryptocurrency considered legal tender?
No. In Australia, cryptocurrency is not legal tender. It is considered a digital asset and is not currently backed by the Australian government or central bank.
How does the bank handle suspicious cryptocurrency transactions?
We are legally required to monitor transactions for suspicious activity. If we identify unusual or potentially fraudulent activity, we may delay, decline, or report the transaction in line with regulatory obligations.
Where can I find more information?
For independent guidance, visit:
ASIC Clarifies Rules for Digital Assets
ASIC has updated the rules for digital assets like stablecoins, tokenised securities and digital wallets. Many of these are now treated as financial products, which means the companies offering them must be licensed and follow strict rules to protect you.
This gives customers more security when investing or transacting with digital assets. Businesses have until 30 June 2026 to meet the new requirements. For more details, see the ASIC Media Release here.
For tips on staying safe with digital assets, visit ASIC’s Moneysmart website.