The third-party payments provider for Binance Australia, Cuscal, hinted about the impact of “scams and fraud” related to “account fraud, ID takeover and crypto activity” after being questioned why it offboarded the exchange on May 18.
The payments provider did not specifically address Binance or crypto exchanges in its statement to Cointelegraph and declined to elaborate on why it pulled support for Binance Australia specifically.
A spokesperson for the Sydney-based B2B financial services firm told Cointelegraph that it’s “focused on supporting the industry in protecting Australians from financial crimes and scams."
“Following recent media attention in relation to the impact of scams and fraud in Australia with particular focus on account fraud, ID takeover and crypto activity, Cuscal reiterates its commitment and important role in identifying and implementing detection services for our clients across the Australian payments system,” the accompanying statement from Cuscal wrote.
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
It added it “has, and will continue to, terminate any clients or their customers and/or merchants” that do not meet its onboarding and compliance requirements.
It declined to comment specifically on Binance Australia or why it instructed its partner payments firm Zepto to “offboard” the exchange, saying it doesn’t “have a comment on any other parties at this point.”
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On May 18, Binance Australia said its Australian dollar services were suspended “with immediate effect," citing a
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