@ivanvantagiato: Westpac has banned customers from transferring funds to the world’s largest cryptocurrency exchange #binance in a move aimed at reducing losses from scams. The Australian big four bank said on Thursday it was blocking a number of cryptocurrency exchanges as part of a trial, after its own data showed investment scams accounted for about half of all scam losses, and a third of all scam payments were transferred directly to cryptocurrency exchanges. The bank did not name Binance but it is understood the exchange has been hit with the ban. Westpac’s group executive of customer services and technology, Scott Collary, said the move could save millions lost to scams. Crypto exchange Binance has Australian financial services licence cancelled by Asic “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,” Collary said. Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup “Often our customers only discover they’ve been scammed after the money has left the country, making recovery extremely difficult.” The block on the exchanges will be rolled out as a phased trial in the coming weeks, Westpac said. Binance announced on Thursday it was unable to accept PayID payments in Australian dollars “due to a decision made by our third party payment provider Conclusion: This is how they will try to control newer institutions. All under the guise as “fraud” but anyone know the process to transfer into binance knows that it isn’t straight forward. What the bank could of done instead was to hold transfers for confirmation. But either they don’t have the resources or this is an attack with I’m sure more banks to follow.

Crypto Serpent 🐍

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Region: AU

Thursday 18 May 2023 23:45:31 GMT