{"id":326284,"date":"2023-05-18T13:30:17","date_gmt":"2023-05-18T12:30:17","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=326284"},"modified":"2023-05-18T17:50:17","modified_gmt":"2023-05-18T16:50:17","slug":"australias-oldest-bank-bans-payments-to-binance","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/australias-oldest-bank-bans-payments-to-binance\/","title":{"rendered":"Australia\u2019s oldest bank bans payments to Binance"},"content":{"rendered":"<div class=\"_1YPgH\">\n<div class=\"tl7wu\">\n<p>Westpac, Australia's oldest bank, <a href=\"https:\/\/www.westpac.com.au\/about-westpac\/media\/media-releases\/2023\/18-May\/\">announced<\/a> a ban on cryptocurrency transactions to certain exchanges on May 18. The bank said that it is blocking a number of crypto exchanges as part of a trial to &#8220;reduce scam losses.&#8221;<\/p>\n<p>According to internal Westpac data, half of all scam losses come from investment scams, and one-third of all scam payments are transferred to cryptocurrency exchanges. The Australian Competition and Consumer Commission\u2019s Scamwatch also said last month that investment scams constituted the largest portion of scams reported to Scamwatch, ReportCyber, the Australian Financial Crimes Exchange, IDCare, and ASIC.<\/p>\n<p>The bank's move to block transactions to crypto exchanges could potentially save customers millions of dollars, Westpac Group Executive of Customer Services and Technology, Scott Collary said.<\/p>\n<p>Collary added:<\/p>\n<blockquote><p>&#8220;Often our customers only discover they\u2019ve been scammed after the money has left the country, making recovery extremely difficult.<\/p>\n<p>The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.\u201d<\/p><\/blockquote>\n<p>While the bank did not explicitly name Binance, the exchange is believed to be impacted by it. Chris Whittingham, general manager of risk and fraud operations at Westpac, <a href=\"https:\/\/www.afr.com\/technology\/westpac-places-immediate-ban-on-payments-to-binance-crypto-exchange-20230518-p5d9ec\">told<\/a> the Australian Financial Review that proceeds from scams are usually sent to &#8220;high-risk&#8221; overseas exchanges.<\/p>\n<p>Binance Australia had its derivatives trading license <a href=\"https:\/\/cryptoslate.com\/binance-cancels-its-australian-derivatives-license\/\">canceled<\/a> last month. The exchange is also under investigation by the Australian Securities and Investments Commission (ASIC) for potentially violating its license by providing derivatives trading to retail Australian traders.<\/p>\n<h2>Trouble on multiple fronts<\/h2>\n<p>Earlier today, Binance Australia <a href=\"https:\/\/cryptoslate.com\/binance-australia-cant-process-australian-dollar-fiat-deposits\/\">announced<\/a> that it can no longer process PayID Australian Dollar deposits. This is because a third-party service provider, Cuscal, restricted access.<\/p>\n<\/div>\n<\/div>\n<div class=\"_1YPgH\">\n<div class=\"tl7wu\">\n<p>Binance and its CEO Changpeng Zhao are also facing a lawsuit in the U.S. by the Commodity Futures Trading Commission. The lawsuit filed in March alleges that Binance is operating an illegal exchange and violated market laws.<\/p>\n<p>At the time, a Binance spokesperson <a href=\"https:\/\/cryptoslate.com\/binance-calls-cftc-charges-unexpected-says-it-will-cooperate-with-regulators\/\">called<\/a> the lawsuit &#8220;unexpected and disappointing\u201d and said that the exchange had been cooperating with regulators for two years.<\/p>\n<p>Last month, CFTC Chairman Rostin Benham <a href=\"https:\/\/cryptoslate.com\/binance-deliberately-broke-the-law-says-cftc-leader\/\">said<\/a> that Binance willfully and deliberately broke market laws by soliciting and offering futures contracts and derivatives to U.S. customers.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Westpac, Australia&#8217;s oldest bank, announced a ban on cryptocurrency transactions to certain exchanges on May 18. The bank said that it is blocking a number of crypto exchanges as part of a trial to &#8220;reduce scam losses.&#8221; According to internal Westpac data, half of all scam losses come from investment scams, and one-third of all [&hellip;]<\/p>\n","protected":false},"author":1386,"featured_media":326297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76747,39,77968,60208],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Australia\u2019s oldest bank bans payments to Binance<\/title>\n<meta name=\"description\" content=\"Westpac, one of Australia&#039;s big four banks, will block payments to crypto exchanges it deems as &quot;high-risk&quot; in order to reduce scam losses.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/australias-oldest-bank-bans-payments-to-binance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia\u2019s oldest bank bans payments to Binance\" \/>\n<meta property=\"og:description\" content=\"Westpac, one of Australia&#039;s big four banks, will block payments to crypto exchanges it deems as &quot;high-risk&quot; in order to reduce scam losses.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/australias-oldest-bank-bans-payments-to-binance\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-18T12:30:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-18T16:50:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/australia-binance.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Monika Ghosh\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Monika Ghosh\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/australias-oldest-bank-bans-payments-to-binance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/australias-oldest-bank-bans-payments-to-binance\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/#person\",\"name\":\"Monika Ghosh\",\"url\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/monika-ghosh\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/monika-ghosh-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/08\/monika-ghosh-author-300x300.jpg\",\"caption\":\"Monika Ghosh\"},\"jobTitle\":\"Former Reporter\",\"description\":\"Monika started reading about crypto in 2020 and went deeper and deeper down the rabbit hole. 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