WestPac, Australia’s oldest bank, plans to block transactions to and from Binance and other cryptocurrency exchanges to protect investors from scams. With a third of payment transactions made directly to crypto exchanges, WestPac initiates an account blockage trial aiming to mitigate risks.
Search Results for: Scott Collary
Westpac’s Crypto Blockade vs Binance: Impact on Aussie Users and CBDC Developments
Australian bank Westpac banned customers from transferring funds to Binance exchange to reduce scam-related losses, impacting Binance’s Australian users. Binance Australia also temporarily halted AUD deposits due to a decision by their third-party payment service provider.
Australia’s Big 4 Bank Tackles Crypto Scams: The Implications and Challenges Ahead
Australia’s Westpac bank plans to launch a pilot trial in late May for crypto scam protection measures, aiming to combat fraudulent activities linked to digital currency market. This responds to the rising number of scams, with approximately 50% of customer-related losses involving investment scams and one-third of reported cases involving direct transfers to cryptocurrency exchanges.