Australian bank Westpac prohibits its customers from depositing money on Binance. Another blow for CZ given the ongoing CFTC lawsuits in the United States.
Binance dropped in the tropics
Wespac’s defection was imitated almost simultaneously by the payment company PayID.
Australia’s second largest bank has placed Binance on its list of “high risk” exchanges. Westpac accuses the exchange of knowingly facilitating money laundering.
“High-risk exchanges are mainly those that receive money from criminal activities,” says Chris Whittingham, managing director at Westpac. “Exchanges have a legitimate role to play, but we have blocked access to some of them which are used more frequently than others for scams.”
Chris Whittingham claims that data from his bank shows that shitcoin scams account for half of all scams. And that a third of this money is transferred directly to exchanges, reports journalist Jessica Sier for Financial Review.
It must be admitted that Binance is indeed the largest shitcoin factory in history…
Along with Westpac’s hostility, Binance customers were also notified of the end of deposits via PayID. The firm discarded on its service provider Cuscal who made no communication.
“Bank wire deposits are no longer available for Binance users in Australia”said PayID. “Bank transfer withdrawals from Binance will also be affected, and we will notify users of the timeline when this is confirmed. »
These new setbacks follow the much more tedious pursuit initiated by the CFTC. The American financial policeman accuses Binance of having deliberately circumvented the law.
“Emails and messages show that compliance efforts were a decoy and that Binance deliberately chose – again and again – to prioritize profits over compliance with the law”can we read in the complaint.
The CFTC is also suing Binance “for violating trading rules”. The exchange reportedly made suspicious proprietary transactions. And this via 300 trading accounts associated with Changpeng Zhao who is directly targeted by the complaint.
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