![]() By Friday afternoon a Binance spokesperson said there was around $100mn of unrecovered funds. Binance.US customers can reach our customer support agents 24/7 via email, or live chat during select operating hours. That means investors and developers cannot easily move their tokens to a different blockchain to use or trade them elsewhere.īinance’s security team and other crypto network operators have steadily been freezing the stolen assets. Many of the world’s most widely used blockchains, such as Binance Smart Chain and Ethereum, run on separate technologies or use different tokens. The hack exploited a weakness that created extra BNB tokens on the network, according to Zhao. The funds were taken from BSC Token Hub, a bridge that allows customers to transfer tokens tied to one chain to another. We apologize for the inconvenience and will provide further updates accordingly.”īinance asked the affected network’s validators, who secure the system, to pause their work. Update: This story has been updated to include Cuscal’s statement.In a series of social media posts Changpeng Zhao, Binance’s founder and chief executive, told users: “The issue is contained now. “There’s an undeniable need for regulation in this space,” Westpac’s Mr Whittingham said. Since FTX’s collapse, the crypto industry has faced mounting regulatory pressure. This set off a chain of events that led to FTX’s collapse and criminal charges against Mr Bankman-Fried. Binance Australia only offers spot conversion between fiat and digital currency, and Binance Earn Services. In November, his rivalry with disgraced FTX founder Sam Bankman-Fried came to a head when Mr Zhao cast doubt on FTX’s stability, helping fuel a sell-off in the company’s tokens. InvestbyBit Pty Ltd (ABN 98 621 652 579) (trading as Binance Australia) operates a digital currency exchange registered with AUSTRAC. Mr Zhao is one of the most prominent figures in the cryptocurrency world. The lawsuit alleges Binance “willfully evaded” US law as it solicited American customers for its derivatives business. The cancellation forced Australian investors trading derivatives on the Binance platform to unwind their positions and close their accounts.īinance, and its chief executive Changpeng Zhao, face a lawsuit filed by the US Commodity Futures Trading Commission in March alleging they were operating an illegal exchange and a sham compliance program. ![]() The Australian Securities and Investments Commission had been investigating Binance’s operations, reviewing whether the exchange was contravening its licence by offering derivatives trading to retail investors.īinance requested the regulator cancel its financial services licence, held by a subsidiary called Oztures Trading, during the investigation. The moves by Westpac and Cuscal come just one month after Binance Australia’s derivatives licence was cancelled by the market regulator. “Cuscal has, and will continue to, terminate any clients or their customers and/or merchants that do not meet our strict requirements,” a spokeswoman said in a statement. We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users.”Ĭuscal declined to comment directly on the ban, but pointed to its own fraud detection activities. Bank transfer withdrawals will also be impacted, and we will advise users on timeline when this is confirmed. “The suspension of this service is with immediate effect. “ deposits by bank transfers are no longer available to Binance users in Australia due to a decision made by our third-party service provider,” the company said in an email to customers. Independent of Westpac’s ban, Binance customers were also told on Thursday that the exchange could no longer facilitate PayID deposits due to a decision to restrict access by its third-party service provider, Cuscal. Mr Whittingham pointed to Westpac data that showed investment scams account for approximately half of all scam losses, and a third of all scam payments are transferred directly to a cryptocurrency exchange. “Digital exchanges have a legitimate role to play, but we have blocked access to some overseas exchanges that are used more frequently than others for scams.” “We’ve determined that high-risk exchanges are predominantly where scam money has ended up,” Chris Whittingham, general manager of risk and fraud operations at Westpac, said. Westpac rolled out a series of scam protection measures on Thursday, blocking customers from sending Australian dollars to “high risk” exchanges like Binance. Westpac has banned customers from transacting with Binance, on the same day as the controversial cryptocurrency exchange was stripped of its ability to accept PayID funds transfers from Australian clients.īinance is fighting to retain banking services in Australia, as it contests allegations overseas it improperly attracted customers and knowingly facilitated money laundering.īinance global boss Changpeng ‘CZ’ Zhao faces allegations of operating an illegal exchange.
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