June 20, 2023 1:03 PM | 1 min read
Australian payment provider Cuscal has made moves to introduce fresh restrictions on cryptocurrency transactions.
Blockchain Australia has voiced its concerns over the move and articulated the need for a balanced approach since, amid economic uncertainty, the probability of scams and fraud rises.
“Australians rightly expect businesses they deal with to pitch in to help tackle this problem, but they also expect to be able to spend their money and use their assets as they choose, without undue restrictions,” said Blockchain Australia chair Michael Bacina. “Striking a balance requires evidence-based decision-making so that the costs of protection are proportionate to the benefit that protection brings.”
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you’ll also get Benzinga’s ultimate morning update AND a free $30 gift card and more!
Also Read: Binance Set To Supercharge Transactions With Bitcoin Lightning Network Integration
Cuscal’s recently circulated survey calls for documentation including Anti-Money Laundering and Counter-Terrorism Financing programs, along with fraud policies and procedures.
“The Best Report Benzinga Has Ever Produced”
Massive returns are possible within this market! For a limited time, get access to the Benzinga Insider Report, usually $47/month, for just $0.99! Discover extremely undervalued stock picks before they skyrocket! Time is running out! Act fast and secure your future wealth at this unbelievable discount! Claim Your $0.99 Offer NOW!
Advertorial
Notably, these documents are already a prerequisite for AUSTRAC-registered Australian DCEs.
What has been particularly concerning for industry stakeholders is the introduction of new requirements that appear to specifically target digital currency exchanges.
These include holding first-time inbound payments for 24 hours regardless of size, a similar 24-hour delay on outbound payments, and placing unspecified transaction limits on DCE payments.
Additionally, the survey speaks of name matching for “payer to wallet” requirements, real-time user identity verification, and assessing the permissibility of fund transfers to anonymous wallets.
In response to these new restrictions from Cuscal, Blockchain Australia invited Cuscal to participate in a roundtable discussion on June 27.
Cuscal recently terminated its payment services for Binance Australia.
Binance Australia confirmed that it would cease to support Australian Dollar bank transfers through PayID and indirectly attributed this development to Cuscal without mentioning the company by name.
Read Next: Crypto Exchanges Push For Softer Trading Restrictions In Japan To Boost Trading Activity
Image: Pixabay
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Credit: Source link
