Surging crypto frauds is the potential reason behind debanking Binance Australia: Report

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Reports claimed that Binance Australia’s payment service partner terminated service for the crypto exchange citing surging crypto frauds in the country.

Binance Australia is a Australia-based crypto firm, which only provides spot crypto trade against fiat pairs. The services of this exchange are limited to the Australian crypto market only. Just a day ago, the Binance Australia exchange announced that it will not support Australia Dollar deposits via PayID, as its partner ended support. 

At present, fund deposits via credit cards, debit cards & also P2P trade sarserviceses are available on the Binance Australia platform. Binance Australia is also looking for a new banking partner in the country, in order to bring east bank deposit service for the platform users. 

Many people noted that Australian regulators are also following a US-like approach against the crypto companies.

Cointelegraph, a crypto news website under the ownership of Binance.com, reported that a spokesperson for the Sydney-based B2B financial services firm Cuscal (now ex-Binance Australia’s banking partner) said that they are focused to protect people from financial or crypto scams. 

However, that Cuscal spokesperson failed to mention the name of the Binance Australia exchange but still hinted that surging crypto crime rates potentially forced the bank to stop providing banking services to the crypto firm.

Many crypto entrepreneurs said that if Australian regulators are also planning to follow the US-like path to regulate the crypto sector then surely Australia will be another bad US market for this innovative sector.

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