Australia's CBA Refutes Reports Of Partnership With A Crypto Platform: Report

Commonwealth Bank of Australia warned of a fake news article doing rounds on social media platforms alleging the country's No. 1 lender to partner with a cryptocurrency trading platform to encourage people to invest in crypto assets.

CBA branded the article (https://www.commbank.com.au/articles/newsroom/2022/04/cryptocurrency-scam-warning.html ) to be "totally false and untrue" last week, adding that it had reported it to the relevant authorities and asked social media publishers, including Facebook, to take down the article.

The report comes months after Australia's richest man and chairman of Fortescue Metals Group, Andrew Forest, filed a lawsuit against Facebook-owner Meta Platforms alleging it breached anti-money laundering laws and used his image to promote cryptocurrency schemes.

Last month, Australia's competition watchdog had also filed a similar lawsuit against Meta with allegations of promoting fake cryptocurrency ads featuring well-known people.

CBA added that it had warned Australians through its channels not to respond to or click through to the website if they received the alleged fake article.

It also alleged that the article was "designed to entice unsuspecting people to go to the scammer's website and provide their details and money."

Last year, CBA became Australia's first main-street bank to offer a platform for retail customers to trade in cryptocurrencies.