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Westpac Bans Transfers to Binance

The Australian bank Westpac has blocked the possibility of financial operations for the transfer of funds to a division of Binance, which operates in Australia.

Westpac Bans Transfers to Binance

Source: Pixabay.com

This decision is part of a set of measures aimed at preventing and minimizing the risk of monetary losses due to fraud committed in the crypto industry.

Westpac also reported that a program is currently being implemented to test the blocking of transactions related to the use of cryptocurrencies on several exchanges.

Scott Kollari, executive director of the customer service and technology group of the Australian bank, says that digital exchanges currently occupy a legitimate place in the financial ecosystem. At the same time, he noted that after the appearance of digital currency, fraudsters on these exchanges became sharply more active.

Separately, Scott Kollari stressed that very often clients of a bank report that the fact of fraud was discovered after the money left the country’s financial system. For this reason, the refund process is significantly complicated. A representative of the bank said that the new security measures that the financial institution is currently testing will increase the level of protection of customers from attacks by representatives of the fraudulent community.

According to Scott Kollari, special attention will be paid to scams that are implemented in the field of investment when introducing new mechanisms to ensure the safety of money. This type of fraud has devastating consequences for the victims.

Another restrictive measure of a financial institution in relation to Binance is a new circumstance because of which this company is deprived of the opportunity to offer PayID due to the restriction of access to its third-party service provider Cuscal. The company has sent emails to its clients, which contain information that the restriction of this service takes effect immediately. The withdrawal of funds by bank transfer was also banned.

Binance reported that efforts are currently being made to find an alternative provider that will continue to offer customers financial services for depositing and withdrawing funds in Australian dollars.

As we have reported earlier, Westpac Announces Initiatives To Back Women Business Leaders.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.