Cuscal, the third-party payments provider for Binance Australia, mentioned concerns regarding scams and fraud associated with activities such as account fraud, ID takeover, and crypto transactions. When questioned about why they discontinued their services for the exchange, Cuscal hinted at the impact of these fraudulent activities.
On May 18, Binance Australia temporarily suspended Australian dollar fiat services due to a decision made by their third-party payment service provider, Cuscal, a financial services company. Cuscal’s spokesperson declined to provide further details on the specific reasons behind their withdrawal of support, and the official statement from Cuscal did not mention Binance or crypto exchanges.
In a statement, Cuscal emphasized its dedication to identifying and implementing detection services to combat scams and fraud in Australia, including account fraud, ID takeover, and crypto-related activities. They acknowledged the media’s recent coverage of these issues and reiterated their commitment and significant role in the Australian payments system.
Binance Australia announced the immediate suspension of its Australian dollar services on May 18. The decision was attributed to a choice made by their third-party payment service provider.
Following the withdrawal of support from Cuscal, Binance Australia has been actively seeking an alternative payment partner. However, in the meantime, Binance has stated that both Zepto and Cuscal are still available to assist users who want to withdraw Australian dollars, ensuring the continuity of services for such transactions.
Also Read: Binance Australia CEO: Crypto Laws will set Higher Standards for Industry
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