May 19, 2023
Cuscal Cites “Scams and Fraud” in Suspension of Binance Australia
Binance Australia has been forced to suspend its Australian dollar fiat services after a third-party payment service provider, Cuscal, pulled its support. Cuscal has cited the impact of “scams and fraud” related to “account fraud, ID takeover and crypto activity” as its reason for the decision.
A spokesperson for Cuscal declined to elaborate on why it pulled its support for Binance Australia, but the company’s official statement does not mention Binance or crypto exchanges.
“Cuscal is committed to identifying and implementing detection services for our clients across the Australian payments system,” the statement reads. “We have, and will continue to, terminate any clients or their customers and/or merchants that do not meet our onboarding and compliance requirements.”
The spokesperson further commented that the company is “focused on supporting the industry in protecting Australians from financial crimes and scams.”
The news of Cuscal’s decision spread quickly on social media, with Binance Australia tweeting that its Australian dollar services were suspended “with immediate effect.”
The payments partner for Binance Australia, Zepto, also confirmed that Cuscal instructed them to offboard Binance. A Zepto spokesperson told Cointelegraph that their partner Cuscal had instructed them to offboard Binance Australia.
Since the announcement, Binance has been on the hunt for an alternative payments partner. Binance has said that Zepto and Cuscal are continuing to support users wishing to withdraw Australian dollars.
The news of Cuscal’s decision to suspend its support for Binance Australia has been met with disappointment by many in the crypto community. The news has highlighted the importance of crypto exchanges finding reliable and secure payment providers, and the potential for further chokepoints in the web3 space.
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The news of Cuscal’s decision to suspend its support for Binance Australia has highlighted the importance of crypto exchanges finding reliable and secure payment providers, as well as the potential for further chokepoints in the web3 space. Companies looking to sell NFTs need to ensure they have a secure payment provider, as well as an agency that specialises in NFT marketing and promotion, in order to ensure a successful sale.
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