Binance Australia Payment Provider Cuscal hinted at the impact of “scams and fraud” related to “account fraud, ID hijacking and cryptocurrency activity” after being asked why he suspended support for the exchange..
Binance Australia announced on May 18 that it would suspend Australian fiat dollar services in Australia following a decision by a “third party payment service provider.”which turned out to be the financial services company Cuscal.
A spokesperson representing Cuscal declined to explain why it specifically withdrew support from Binance Australia.and the official statement from the company does not mention Binance or crypto exchanges.
“Following recent media attention regarding the impact of scams and fraud in Australia, with a focus on account fraud, ID taking and cryptocurrency activity, Cuscal reiterates its commitment and important role in identifying and implementing screening services for our customers across the Australian payment system,” Cuscal wrote in a statement..
He added that he “has, and will continue to, terminate any client or his clients and/or traders” who do not meet his onboarding and compliance requirements..
The spokesperson told Cointelegraph that he is “focused on supporting the industry in protecting Australians from financial crime and scams.”.
Binance is suspending AUD fiat services in Australia.
Got this email this morning.
Very disappointing as it was one of my favorite on/off ramps.
Chokepoint is real.. pic.twitter.com/ZYiWY3aO0C
— Miles Deutscher (@milesdeutscher) May 18, 2023
Binance suspends AUD fiat services in Australia. I received this email this morning. It’s very disappointing as it was one of my favorite on and off ramps. The chokepoint is real.. pic.twitter.com/ZYiWY3aO0C
A Zepto spokesperson told Cointelegraph at the time that it “processes payments for Binance Australia” and “we were instructed by our partner, Cuscal, to exclude Binance.”
Cuscal’s spokesperson did not elaborate on why it instructed its partner payments firm Zepto to take the exchange “offboard.”saying that he does not “have a comment on any other part at this time”.
On May 18, Binance Australia said that its Aussie dollar services were suspended “effective immediately.”citing a “decision made by our third-party payment service provider.”
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
We have confirmed with our local payment partner that our users can continue to withdraw AUD, and will update with any further changes to the calendar as soon as we know more. Users can still buy and sell using debit and credit cards. https://t.co/ReS6V7FbZu
Binance Australia has been on the hunt for an alternative payments partner ever since.. Binance said that Zepto and Cuscal continue to support users who want to withdraw Australian dollars.
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