"Binance has to be tough, there are many guesses in life."
This situation can be considered a great blow when the oldest bank in Australia WestPac which wants to protect investors from all forms of fraud has planned to block the transactions of the cryptocurrency exchange Binance.
This is because WestPac, which can be said to be a crypto-friendly bank, revealed that investment accounts have been exposed to fraud, where a third of all payment transactions are sent directly to Binance.
According to Scott Collary, Westpac's Customer Service and Technology Executive, fraudsters often use overseas exchanges as customers find out they have been scammed after the money has left the country, making recovery difficult.
In addition to always being defined as a crypto-friendly country, Australia is also one of the countries that actively tackles cyber criminals.
Despite warnings from the Australian Securities and Investments Commission (ASIC) about fraudulent activity, WestPac's move is among aggressive efforts to curb the increasingly widespread exploitation.
The bank stated that its security team detects 60% of all fraud attempts, so WestPac will do its best to upgrade its systems so that any fraud is difficult to trigger.
Even so, the following move could have a significant impact on Binance as other banks may choose to follow in WestPac's footsteps plus the crypto exchange has faced pressure from ASIC in the past.
Following that, all crypto exchanges should be reminded to re-evaluate their business approach if they want to survive and move forward.
