Australia’s oldest bank Westpac, made an announcement recently stating it would impose a ban on all transactions related to Binance, a well-known cryptocurrency exchange. This decision is backed by Westpac’s commitment to safeguard investors and protect its customers from potential scams and fraudulent activities, as clearly stated in their official press release.
Highlighting the necessity of protective measures, Scott Collary, Westpac’s group executive of customer services and technology, emphasized the importance of safeguarding customers’ interests. He commented that the legitimate presence and feasibility of digital exchanges in the financial landscape have surged the use of digital currencies. This surge in digital currencies has also resulted in the rise of scammers exploiting overseas exchanges.
Westpac aims to start a gradual trial of its newly developed cryptocurrency payment protection blocks later this May. These measures will be integrated with the recently introduced initiative known as Westpac Verify. This feature aims to provide customers with useful information to help them prevent scams or fraudulent activities.
To hold up this decision, the Australian branch of Binance has proclaimed that certain customers may encounter restrictions on their withdrawal and deposit capabilities. These restrictions have been imposed as a consequence of third-party service providers cutting off their services.
In the realm of investments, Cryptocurrency scams have raised serious concerns with roughly 50% of customer losses associated with it. Statistics indicate that roughly one-third of all scams involve direct transfers to cryptocurrency exchanges, making them extremely challenging to trace and difficult to identify.
Binance announced via social media stating users would no longer have the ability to make Australian dollar bank transfers, effective immediately. This policy change was attributed to the actions of the payments provider Cuscal. Furthermore, Binance clarified that withdrawals would be temporarily halted, without giving out specific details as to when they would resume.
Customer security should always be the topmost priority for any financial institution. Westpac’s commendable proactive stand and dedication to completely eradicate scams and fraudulent activities will surely ensure a positive trajectory for the crypto realm.