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A “third-party payment provider” for Binance Australia, Kuskal hinted at the impact of “scams and scams” as it involves “account fraud, identity hijacking and cryptocurrencies” after being asked on May 18 why he shut down the firm.
The payment provider did not mention Binance or cryptocurrency exchanges in its statement to Cointelegraph and declined to explain why it was withdrawing support from Binance Australia.
A spokesperson for the Sydney-based B2B financial services firm told Cointelegraph that it is “focused on supporting the industry in protecting Australians from financial crime and fraud.”
“Following recent media attention on the impact of fraud and scams in Australia with a particular focus on account fraud, identity capture and crypto activity, Cuscal reiterates its commitment and critical role in identifying and implementing discovery services for our customers in the Australian payment system. . ,” Kuskal said in an accompanying statement.
Binance is suspending AUD fiat services in Australia.
Got this email this morning.
Very disappointing as it was one of my favorite on/off ramps.
Chokepoint is real.. pic.twitter.com/ZYiWY3aO0C
— Miles Deutscher (@milesdeutscher) May 18, 2023
The company added that it “dismisses and will continue to terminate any customers or their customers and/or merchants” who do not meet its registration and compliance requirements.
He declined to comment specifically on Binance Australia or why he instructed his payment partner firm Zepto to “shut down” the exchange, saying that it has no “comments about any other parties” at the moment.
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On May 18, Binance Australia stated that the AUD service had been suspended “with immediate effect”, citing “a decision taken by our third-party payment service provider.”
We have confirmed with our local payment partner that our users can continue to withdraw AUD and we will update with any further changes on timing as we know more. Users are still able to buy and sell via debit and credit card. https://t.co/ReS6V7FbZu
— Binance Australia (@BinanceAUS) May 18, 2023
A Zepto spokesperson told Cointelegraph at the time that it was “processing payments for Binance Australia” and “our partner Cuscal has instructed us to shut down Binance.”
Since then, Binance Australia has been looking for an alternative payment partner. Binance announced that Zepto and Cuscal continue to support users wishing to withdraw AUD.
