Key Points:
The payments provider did not specifically mention Binance Australia or any other crypto exchanges in its statement but did mention that it’s committed to identifying and implementing detection services for its clients across the Australian payments system.
While Cuscal declined to elaborate on why it pulled support for Binance Australia specifically, it did mention that it has, and will continue to, terminate any clients or their customers and/or merchants that fail to meet its onboarding and compliance requirements. This decision comes in the wake of media attention on the impact of scams and fraud in Australia, with particular focus on account fraud, ID takeover, and crypto activity.
Binance Australia, on the other hand, said its Australian dollar services were suspended with immediate effect on May 18, citing a decision made by its third-party payment service provider. The Sydney-based B2B financial services firm, however, reassured Cointelegraph that it’s focused on supporting the financial industry in protecting Australians from financial crimes and scams.
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