Binance Australia says banking disrupted as payment provider cuts … – Reuters

0

A representation of the cryptocurrency is seen in front of Binance logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration
SYDNEY, May 18 (Reuters) – The Australian arm of Binance, the world's largest crypto-currency exchange, on Thursday said some customers there will be unable to deposit or withdraw money after a third-party service provider cut off its service.
Binance said on social media that users would be unable to make Australian dollar deposits by bank transfer with immediate effect after payments provider Cuscal cut access. Withdrawals would also be cut off, it said, without detailing when.
"We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users," Binance said in a statement.
Cuscal did not immediately respond to a request for comment.
The Australian Financial Review separately reported Westpac Banking Corp (WBC.AX), the country's second-largest retail bank, banned customers from transacting with Binance.
Westpac was not immediately available to comment when contacted by Reuters.
It said in an earlier statement that it had blocked some crypto-currency payments to reduce losses due to scams. It did not identify exchanges nor provide any further details.
The curb is the second blow to Binance's Australian operation in as many months, having relinquished a financial services licence in April amid a regulatory investigation.
Binance is battling regulatory suits and investigations around the world.
In March, the U.S. Commodities Futures Trading Commission (CFTC) sued Binance and its founder, Changpeng Zhao, for operating what the regulator alleged was an "illegal" exchange.
Customers can still transact using credit or debit cards, Binance said.
Our Standards: The Thomson Reuters Trust Principles.
Massachusetts securities regulators have opened an investigation into the ways in which investment firms use artificial intelligence in their interactions with investors, citing concerns about the technology's potential unchecked use.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2023 Reuters. All rights reserved

source

Leave a Reply

Your email address will not be published. Required fields are marked *