Westpac, Australia’s oldest bank, is slamming the brakes on all transactions with Binance. 💔
According to their official statement, they’re looking to protect their customers from potential scams and frauds. Binance’s Aussie division has confirmed certain customers will face restrictions on their ability to move funds, thanks to a third-party service provider calling it quits on them.
Westpac, previously known for its crypto-friendly stance, backed its decision with some alarming stats. They found that a whopping one-third of all payment transactions go directly to crypto exchanges, with investment accounts particularly vulnerable to scams. In addition, Scott Collary, Westpac’s Group Executive of Customer Services and Technology, warned that scammers are increasingly using overseas exchanges, often leaving customers in the lurch after their money has left the country.
This move is a significant setback for Binance’s operations in Australia, especially on the heels of the recent surrender of its financial services license amid a regulatory investigation.
With Westpac’s transaction block and Binance’s already tense relationship with the Australian Securities and Investment Commission (ASIC), this serves as a stern warning for the exchange and other big players in the crypto industry in the country. 😥
Westpac, Australia’s oldest bank, is hitting pause on Binance transactions to shield customers from potential scams. 😮
Binance’s Aussie wing admits some clients may face fund movement restrictions due to a third-party service provider dropping them. 😕
Westpac, once crypto-friendly, backs its decision with stats revealing a third of all transactions go to crypto exchanges, often associated with scams. 🚨
This move, coupled with Binance’s recent license surrender amidst a regulatory probe, serves as a serious caution for the crypto industry in Australia. 😨