Australia’s oldest bank bans payments to Binance

2023-5-18 15:30

Westpac, Australia’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 “reduce scam losses.”

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’s 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.

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.

Collary added:

“Often our customers only discover they’ve been scammed after the money has left the country, making recovery extremely difficult.

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.”

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, told the Australian Financial Review that proceeds from scams are usually sent to “high-risk” overseas exchanges.

Binance Australia had its derivatives trading license canceled 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.

Trouble on multiple fronts

Earlier today, Binance Australia announced that it can no longer process PayID Australian Dollar deposits. This is because a third-party service provider, Cuscal, restricted access.

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.

At the time, a Binance spokesperson called the lawsuit “unexpected and disappointing” and said that the exchange had been cooperating with regulators for two years.

Last month, CFTC Chairman Rostin Benham said that Binance willfully and deliberately broke market laws by soliciting and offering futures contracts and derivatives to U.S. customers.

The post Australia’s oldest bank bans payments to Binance appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0020147 (-100%)

bank australia oldest exchanges number blocking crypto

Источник: cryptoslate.com

bank australia → Результатов: 126


Australia’s Central Bank Wraps Up CBDC Pilot Program – Is Issuance On The Horizon?

Australia’s central bank, the Reserve Bank of Australia (RBA), has completed its pilot program exploring the potential use cases of a central bank digital currency (CBDC). The research project, carried out in conjunction with the Digital Finance Cooperative Research Centre (DFCRC), involved 16 selected industry participants, including Mastercard, Australian Bond Exchange, and Fame Capital. This […]

2023-8-23 18:00


Фото:

В Австралии банк выпустит первые в мире блокчейн-облигации

Крупнейший австралийский банк Commonwealth Bank of Australia получил от Всемирного банка полномочия на выпуск облигаций на базе блокчейна Ethereum. Об этом сообщает пресс-служба Commonwealth Bank of Australia.

2018-8-15 14:49


Фото:

Commonwealth Bank Boasting Blockchain-Enabled Global Trade Platform

In-house blockchain technology solutions continued to permeate supply chains as Australia’s Commonwealth Banks has successfully conducted a high-profile shipping experiment. ‘Agile, Efficient and Transparent’ Australia’s Commonwealth Bank has successfully shipped and tracked seventeen tonnes of almonds in a blockchain-based collaboration with five domestic and international supply chain leaders.

2018-8-1 01:00


Commonwealth Bank of Australia (CBA) Pilots Blockchain Trade Shipment Across Borders

Commonwealth Bank of Australia Claims Success In Its Global Trade Blockchain Trial Banks around the world are starting to use the blockchain technology to make cross-border transfers. Now it was the time of the Commonwealth Bank of Australia (CBA) to use cross-border shipments with the blockchain technology to track the goods that were being carried […]

2018-7-31 09:36


Фото:

An Australian Blockchain Experiment: Tracking Global Almond Shipments

Following a successful 2016 trial of blockchain technology in an interbank open account transaction, the Commonwealth Bank of Australia (CBA) has partnered with five international and Australian companies to ship 17 tonnes of almonds from Melbourne, Australia, to Hamburg, Germany, using a new distributed ledger platform built on the Ethereum blockchain.

2018-7-31 23:13


Commonwealth Bank Of Australia Records Amazing Blockchain Success

A new global trade experiment with blockchain technology has been marked successful by the Commonwealth Bank of Australia, according to a press release on Monday. In a bid to enhance multiple aspects of the supply chain process, the bank combined cutting-edge solutions such as distributed ledger technology(DLT), Internet of Things (IoT), and smart contracts into […] The post Commonwealth Bank Of Australia Records Amazing Blockchain Success appeared first on ZyCrypto.

2018-7-31 20:10


Крупнейший банк Австралии задействовал блокчейн для отправки 17 тонн миндаля

Австралийский финансовый конгломерат Commonwealth Bank of Australia (CBA) успешно протестировал технологию блокчейн для управления цепями поставок. Об этом пишет ZdNet.   В рамках эксперимента блокчейн был использован для отслеживания поставки 17 тонн миндаля из штата Виктория в Гамбург.

2018-7-30 17:55


Фото:

17 Tons of Almonds are about to ship to Europe with Blockchain by Commonwealth Bank of Australia

The Commonwealth Bank of Australia (CBA) has announced the completion of a successful trade using its new blockchain platform, according to its July 30 press release. In a collaborative effort involving five domestic and international “supply chain leaders,” the bank used blockchain to track a shipment of 17 tons of almonds from Melbourne to Hamburg,

2018-7-30 16:34


Фото:

Commonwealth Bank успешно испытал блокчейн-платформу для международной торговли

Австралийский банк Содружества (Commonwealth Bank of Australia, CBA) объявил об успешном завершении трансграничной торговой сделки с использованием блокчейна для отслеживания цепочки поставки. Один из крупнейших банков страны сообщил, что партия миндаля (17 тонн), отправленная из Австралии в Германию, отслеживалась через частную блокчейн-платформу, разработанную банком на основе сети Ethereum.

2018-7-30 14:41


Фото:

G20 Economics Group Want To See Worldwide Cryptocurrency Regulation

G20 (Group of 20) is a worldwide platform for Central Banks and Governments which includes authorities from countries all over the world. G20 membership consists of; Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States of America and the European Union.

2018-7-16 18:30


Фото:

A Bank In Australia Uses Mortgage Funds for Crypto Speculation

One of Australia’s oldest financial institutions, Bank of Queensland, has prohibited the use of home equity loans for virtual currency speculation. Also Read: Tether Announces Appointment of New Chief Compliance Officer Bank of Queensland Cracks Down on Customers Using Mortgage Funds to Trade Crypto Bank of Queensland has banned its customers from using loans that are

2018-7-14 11:26


Bitcoin Unlikely to Take Off in Australia, An RBA Official Suggests

Dr. Tony Richards, head of payments policy at the Reserve Bank of Australia, said that the stability of the Australian dollar would make widespread Bitcoin adoption in the country unlikely. He also suggested that the local use of the currency is so limited that the central bank does not consider it a major impact on […] Bitcoin Unlikely to Take Off in Australia, An RBA Official Suggests was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-6-27 22:23


Фото:

No Cryptos Planned for Issue by Central Banks in Australia and New Zealand

The central banks of Australia and New Zealand denied they would issue their own cryptocurrencies June 26, in a speech calling Bitcoin “fascinating” but “inefficient.” Addressing the Australian Business Economists in Sydney, Tony Richards, head of the Reserve Bank of Australia’s (RBA) payments policy, appeared hawkish on cryptocurrency as Australia’s government devotes considerable funds to

2018-6-26 17:07


Фото:

The Central Banks Of Australia And New Zealand Against Cryptocurrencies

The trend of ‘central banks’ talking about cryptocurrencies is warming up once more, with The Reserve Bank of Australia (RBA) and The Reserve Bank of New Zealand (RBNZ) weighing in on the debate. The pair have moved to debunk rumours that they are investigating in establishing their own central bank digital currency, on the basis that they believe such a project would inevitably damage their current banking system.

2018-6-26 17:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Court rules in favor of Apple in class action over crypto payment policies

A California judge dismissed a class action lawsuit against Apple that accused the tech giant of imposing restrictions on third-party crypto payments on March 26. District Judge Vince Chhabria said the complaint contained “several fatal problems,” including inadequately alleged agreements between Apple and other payment services.

What is a Satoshi? How Bitcoin Fractions Work

You don't need to be rich to own Bitcoin. Explore Satoshi currency with us as we explain how the famous crypto can be divided. The post What is a Satoshi? How Bitcoin Fractions Work appeared first on CoinCentral.

Strike Rolls Out Bitcoin Purchases To Users Globally

Bitcoin payments firm Strike has expanded its services on a global scale, now allowing users in 36 countries (soon to be 65+) beyond the U.S. to buy bitcoin through the app, founder Jack Mallers announced in a blog post Thursday.