![]() ![]() The moves by Westpac and Cuscal come just one month after Binance Australia’s derivatives licence was cancelled by the market regulator. “Cuscal has, and will continue to, terminate any clients or their customers and/or merchants that do not meet our strict requirements,” a spokeswoman said in a statement. We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users.”Ĭuscal declined to comment directly on the ban, but pointed to its own fraud detection activities. Bank transfer withdrawals will also be impacted, and we will advise users on timeline when this is confirmed. “The suspension of this service is with immediate effect. “ deposits by bank transfers are no longer available to Binance users in Australia due to a decision made by our third-party service provider,” the company said in an email to customers. Independent of Westpac’s ban, Binance customers were also told on Thursday that the exchange could no longer facilitate PayID deposits due to a decision to restrict access by its third-party service provider, Cuscal. Mr Whittingham pointed to Westpac data that showed investment scams account for approximately half of all scam losses, and a third of all scam payments are transferred directly to a cryptocurrency exchange. “Digital exchanges have a legitimate role to play, but we have blocked access to some overseas exchanges that are used more frequently than others for scams.” “We’ve determined that high-risk exchanges are predominantly where scam money has ended up,” Chris Whittingham, general manager of risk and fraud operations at Westpac, said. Westpac rolled out a series of scam protection measures on Thursday, blocking customers from sending Australian dollars to “high risk” exchanges like Binance. There is no need to contact Customer Support.Westpac has banned customers from transacting with Binance, on the same day as the controversial cryptocurrency exchange was stripped of its ability to accept PayID funds transfers from Australian clients.īinance is fighting to retain banking services in Australia, as it contests allegations overseas it improperly attracted customers and knowingly facilitated money laundering.īinance global boss Changpeng ‘CZ’ Zhao faces allegations of operating an illegal exchange. You will be notified about the outcome of the process once ready. Please note that your Proof of Address may take up to 5 working days to be reviewed.Uploading documents in other formats will not work. If you are unsure of the file format, right-click on the document and click. Make sure your document is in the correct format and file size.Keep the document unaltered, except when masking bank accounts or card numbers ( sensitive data can be covered).You should also scan all four corners of your document and ensure all text is readable. However, scans or screenshots should not have blurs or reflections and should not be in black and white. You may submit a photo/scan of a hard copy bill or a PDF file of a paperless bill. Please use original, unedited documents only and avoid documents with cuts.Capture the document vertically (in portrait mode) to ensure the full document is captured.Check that the name and address on your Proof of Address document match the name and address you submitted during the Binance account registration process.If you are unsure, please refer to the lists above. Make sure your document can be used as Proof of Address.Binance only accepts Proof of Addresses that are dated within the last three months from the date of issuance. Check that your document is not older than three months.Government-issued National ID card containing residential address (cannot be the same document used for Identity verification)*.Government-issued student grants/loans or bursaries to a current residential address.Letters from a university to confirm the student’s identity and current residential address.Student rental agreements from university residence or university housing/halls.Bank reference letters - stamped and/or signed.Statements from the accepted list of fintech companies (see the note below).Certificate of residence from local government (within three months, unless stated otherwise).Letters from Tax/Government Authority (tax statements may go beyond three months, within the past year)*.Landline telephone/Internet/TV/communication packages bills (mobile bills are not acceptable)*.Internet service provider account statements.Utility bills, e.g., electricity, water, gas, sewerage.Valid documents include, but are not limited to: ![]()
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