Search Results for: cuscal

“Cautious optimism pervades the Australian crypto community as Binance Australia General Manager Ben Rose voices confidence that regulators will create suitable guidelines for digital assets, despite recent regulatory tensions and banking blocks. Restoration of banking relationships and resuming fiat ramp service are top priorities.”

Australia’s ‘big four’ banking establishment, National Australia Bank (NAB), is impeding transactions towards “high-risk” crypto exchanges, after identifying crypto scams as the country’s top security risk. NAB’s protective measures include payment prompts and discontinuing unexpected text message links.

In May, Binance Australia faced a sudden suspension from the country’s banking system, impacting around 1 million customers. The banking changes also affected the larger Australian crypto industry, emphasizing the urgent need for sensible regulation, licensing, and growth-friendly environments in the crypto space.

Cuscal, in partnership with Zepto, has imposed new banking restrictions on cryptocurrency exchanges in Australia. Blockchain Australia criticizes these actions and invites a roundtable discussion on June 27. The new restrictions include a 24-hour hold on first-time inbound payments, real-time user identity verification, and undisclosed transaction limits on exchange payments.

The suspension of Australian dollar services on Binance Australia led to concerns among crypto users. However, CEOs of other Australian-based exchanges emphasized the continuity of their own services, stressing that the issue seems to be “Binance-specific.” The situation highlights potential risks in the market and the need for a comprehensive regulatory framework in the Australian crypto landscape.

Binance Australia’s suspension of AUD fiat services highlights the significance of a secure payments environment and the need for comprehensive verification procedures. This comes after its third-party payments provider, Cuscal, expressed concerns about scams and fraud. Balancing growth and security in the crypto industry remains a challenge, with the potential for tighter regulations to hinder exchange growth or discourage new investors.

Binance’s Australian branch has lost its PayID deposit service due to a decision by its third-party payment provider, reportedly Cuscal. This affects bank transfer withdrawals and comes after the Australian Securities and Investments Commission canceled Binance’s derivatives license. The exchange is facing investigations by multiple U.S. government agencies.