![]() Independent of Westpac’s ban, Binance customers were also told on Thursday that the exchange could no longer facilitate PayID deposits due to a decision to restrict access by its third-party service provider, Cuscal. Mr Whittingham pointed to Westpac data that showed investment scams account for approximately half of all scam losses, and a third of all scam payments are transferred directly to a cryptocurrency exchange. “Digital exchanges have a legitimate role to play, but we have blocked access to some overseas exchanges that are used more frequently than others for scams.” “We’ve determined that high-risk exchanges are predominantly where scam money has ended up,” Chris Whittingham, general manager of risk and fraud operations at Westpac, said. ![]() Westpac rolled out a series of scam protection measures on Thursday, blocking customers from sending Australian dollars to “high risk” exchanges like Binance. ![]() Westpac has banned customers from transacting with Binance, on the same day as the controversial cryptocurrency exchange was stripped of its ability to accept PayID funds transfers from Australian clients.īinance is fighting to retain banking services in Australia, as it contests allegations overseas it improperly attracted customers and knowingly facilitated money laundering.īinance global boss Changpeng ‘CZ’ Zhao faces allegations of operating an illegal exchange.
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