Payments provider Cuscal has hinted that “scams and fraud” related to “account fraud, ID takeover and crypto activity” played a key factor in its decision to offboard Binance Australia on May 18. While Cuscal did not specifically mention Binance or crypto exchanges in its statement, it did express commitment towards identifying and implementing detection services to protect Australian clients from financial crimes and scams. A B2B financial services spokesperson stated that their focus was on supporting the industry and ensuring the protection of Australians from financial crimes and scams. Cuscal added that it would continue to terminate any clients or their customers and/or merchants that fail to meet its onboarding and compliance requirements. While Binance Australia said its Australian dollar services were suspended, a Zepto spokesperson revealed that it was their partner, Cuscal, that instructed offboarding Binance. Binance Australia is said to be on the hunt for an alternative payments partner.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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