Binance Stops AUD Fiat Services in Australia, Despite the Country’s Crypto-Friendly Reputation.
Cuscal, the payments provider for Binance Australia, indicated that the choice to halt its services was influenced by concerns related to scams and fraud. These concerns are associated with activities like account fraud, identity theft, and cryptocurrency transactions.
In an unexpected development, Binance Australia announced the immediate suspension of its Australian dollar services on May 18. The decision was attributed to actions taken by their third-party payment service provider.
Reports suggest that a representative from Cuscal chose not to provide detailed explanations regarding the withdrawal of support for Binance Australia. Furthermore, the official statement from the company does not explicitly mention Binance or cryptocurrency exchanges.
Cuscal emphasized its dedication to implementing detection services to combat scams and fraud within Australia. They specifically focus on activities like account fraud, identity theft, and cryptocurrency-related transactions. The company acknowledged the media attention surrounding these concerns and reiterated its commitment to playing a crucial role in the Australian payments system.
Australia is known for being crypto-friendly, welcoming cryptocurrencies and earning a reputation in that regard. However, this has also caught the attention of cybercriminals who see the country as a potential target.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
