Binance Australia Partner Reveals Shocking Rise In Crypto Scams

Key Points:

• Cuscal, the third-party payments provider for Binance Australia, suggests a connection between “scams and fraud” and crypto activity, prompting questions about why it stopped supporting Binance Australia on May 18.
• Cuscal said it was committed to identifying and implementing detection services to protect clients from financial crimes.
• Binance Australia’s Australian dollar services were suspended, but Cuscal declined to comment on Binance Australia specifically or why it instructed its partner payments firm Zepto to “offboard” the exchange.

The third-party payments provider for Binance Australia, Cuscal, recently commented on the impact of scams and fraud in the payment system of Australia, highlighting the need for increased vigilance in areas such as account fraud, ID takeover, and crypto activity.

The payments provider did not specifically mention Binance Australia or any other crypto exchanges in its statement but did mention that it’s committed to identifying and implementing detection services for its clients across the Australian payments system.

Binance is suspending AUD fiat services in Australia.

Got this email this morning.

Very disappointing as it was one of my favourite on/off ramps.

Chokepoint is real.. pic.twitter.com/ZYiWY3aO0C

— Miles Deutscher (@milesdeutscher) May 18, 2023

While Cuscal declined to elaborate on why it pulled support for Binance Australia specifically, it did mention that it has, and will continue to, terminate any clients or their customers and/or merchants that fail to meet its onboarding and compliance requirements. This decision comes in the wake of media attention on the impact of scams and fraud in Australia, with particular focus on account fraud, ID takeover, and crypto activity.

Binance Australia, on the other hand, said its Australian dollar services were suspended with immediate effect on May 18, citing a decision made by its third-party payment service provider. The Sydney-based B2B financial services firm, however, reassured Cointelegraph that it’s focused on supporting the financial industry in protecting Australians from financial crimes and scams.

We have confirmed with our local payment partner that our users can continue to withdraw AUD and we will update with any further changes on timing as we know more. Users are still able to buy and sell via debit and credit card. https://t.co/ReS6V7FbZu

— Binance Australia (@Binance_AUS) May 18, 2023

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News