“Cuscal, the company responsible for facilitating the conversion of Australian dollars to and from Binance Australia, chose not to provide specific details regarding their decision to withdraw support”
When asked about their decision to stop working with Binance Australia, Cuscal, the third-party payments provider, implied that concerns about “scams and fraud” related to activities like account fraud, identity theft, and cryptocurrency transactions played a role in their decision.
In its statement, the payments provider did not directly mention Binance or cryptocurrency exchanges and chose not to provide further details about why it decided to withdraw support specifically for Binance Australia.
A representative from the financial services firm based in Sydney stated that their primary goal is to assist the industry in safeguarding Australians from financial crimes and scams.
In response to the recent media coverage regarding scams and fraud in Australia, particularly related to account fraud, identity theft, and cryptocurrency activities, Cuscal emphasizes its commitment and significant role in identifying and implementing detection services to protect its clients within the Australian payment 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
Cuscal also mentioned that it will take action by terminating clients, their customers, or merchants who fail to meet their onboarding and compliance criteria.
Cuscal chose not to provide specific comments regarding Binance Australia or the reason behind instructing its partner payments firm, Zepto, to stop supporting the exchange. They mentioned that they currently do not have any comments regarding other parties involved.
Binance Australia announced on May 18 that its Australian dollar services were immediately suspended due to a decision made by their 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
A spokesperson from Zepto informed Cointelegraph that they handle payment processing for Binance Australia, and their partner, Cuscal, instructed them to stop providing services to Binance.
Since then, Binance Australia has been actively searching for a new payments partner. Binance stated that Zepto and Cuscal are still assisting users who want to withdraw Australian dollars.
This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.
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