Binance Australia from Big Four Bank Westpac prohibited: Report

Binance Australia from Big Four Bank Westpac prohibited: Report

The four large Australian banks Westpac have banned their customers as part of a number of fraud protection measures. The development takes place against the background of increasing pressure on the activities of the crypto giant in the country.

In a statement, Westpac announced that it blocks a number of cryptocurrency exchanges as part of an attempt. His data revealed that about half of all losses were due to investment fraud and a third of all fraud payments were transferred directly to cryptocurrency exchanges.

fraud

Even if Binance is not explicitly called, it is assumed that the Australian stock exchange is affected by the ban. Scott Collary, Group Executive of Customer Services and Technology at Westpac, commented on the step as follows:

"Digital exchanges play a legitimate role in the financial ecosystem. But since the rise of the digital currency, we have noticed that fraudsters are increasingly using foreign stock exchanges. Often our customers only notice that they have been betrayed after the money has left the country, which makes the test of our new security measures better protect from fraud."

Collary also said that the bank's step could help to save lost millions by fraud. According to reports, the ban on crypto exchanges should be introduced in the coming weeks.

The start of Binance Australia through a large Australian payment service is another blow to the crypto exchange, which was already exposed to a strict official examination in the United States.

The Westpac ban comes on the same day when Binance Australia has issued a ban will no longer be able to enable bank transfers in Australian dollars via Payid, a popular immediate payment method. The crypto exchange blamed its external payment service provider and added that she was looking for an alternative.