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Westpac bans transfers to Binance

Westpac bans transfers to Binance

Westpac has banned customers from sending money to the Australian arm of Binance as part of a wider series of measures designed to tackle cryptocurrency-related scam losses.

Westpac says it is trialling cryptocurrency blocks on a number of exchanges. It has not named Binance but the firm is reported to be part of the move.

Scott Collary, group executive, customer services and technology, Westpac, says: "Digital exchanges have a legitimate role to play in the financial ecosystem. But since the rise of digital currency, we’ve noticed that scammers are increasingly using overseas exchanges.

"Often our customers only discover they’ve been scammed after the money has left the country, making recovery extremely difficult. The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers."

In another blow for Binance down under, the firm says that it can no longer offer PayID deposits due to a decision to restrict access by its third-party service provider, Cuscal.

In an email to customers, the company says: “The suspension of this service is with immediate effect. Bank transfer withdrawals will also be impacted, and we will advise users on timeline when this is confirmed. We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users.”

The Australian issues come days after Binance said it would quit operations in Canada, citing regulatory challenges.

The exchange is also facing problems in the US, with chief strategy officer Patrick Hillmann last week saying that it is "very difficult" for crypto firms to do business there.

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