Key Points:
Cuscal pulled down payment services for Binance Australia last month. Binance Australia said at the time that it would no longer be able to utilize PayID to make bank transactions in Australian dollars, citing Cuscal but without identifying them.
Blockchain Australia has denounced recent limits on crypto payments imposed by local banks and has invited platforms such as Cuscal and government stakeholders to a roundtable discussion on the topic on June 27.
“The new requirements appear to only be targeted to digital currency exchanges. Blockchain Australia supports efforts to enhance and promote secure digital transactions while still preserving users’ freedom to decide how to spend their own money and use their own assets,” according to the statement.
According to the Blockchain Australia release, some of the limitations include a 24-hour hold on first-time incoming payments of any amount, real-time verification of user identification, and undisclosed transaction limits on cryptocurrency exchange payments.
Since the data is not public, it is unclear how many Australian exchanges Cuscal, and Zepto offer payment services to, although Australia has about 400 crypto exchanges licensed for anti-money-laundering and counter-terrorism funding duties.
Cuscal, Binance Australia’s third-party payment provider, expressed worries about scams and fraud related to activities like account fraud, ID takeover, and crypto transactions. The company hinted at the consequences of these fraudulent actions when asked why they ceased their services for the exchange.
Binance Australia has been actively seeking a replacement payment partner after the payment company’s discontinuation of support. Nonetheless, Binance has said that both Zepto and Cuscal are still accessible to let customers withdraw Australian dollars, assuring the continuance of services for such transactions.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…
Miami, Florida, 5th November 2024, Chainwire
Want to learn about Bitcoin and Chainlink's prices? See why BlockDAG with its X1 app…
New ATH for Bitcoin’s average hashrate, combined with Bitcoin mining difficulty surpassing 100 trillion hashes,…
Bitcoin's price rose 3% to $70,200, influenced by excitement surrounding the US presidential election.
NY, United States of America, 5th November 2024, Chainwire
This website uses cookies.