Bank customers can no longer make payments to the cryptocurrency exchange, in a move to reduce scams
by the US commodity markets regulator, which alleged wilful evasion of US law. The complaint alleges the company had grown its US business despite publicly stating its intent to block US customers from accessing the platform.against Binance include that the company knew it was facilitating illegal activity via its platform, and knew of loopholes to get past Know Your Customer rules.
At the time a Binance spokesperson called the regulator’s actions “unexpected and disappointing” and said the company had “made significant investments over the past two years to ensure we do not have US users active on our platform”.The Australian Competition and Consumer Commission’s Scamwatch reported in April that investment scams made up the largest portion of scams reported to Scamwatch, ReportCyber, the Australian Financial Crimes Exchange, IDCare and Asic.
Total reports were over 500,000 with losses of over $3.1bn, while investment scams accounted for $1.5bn of this. Bank transfers were the most reported payment method, with 13,098 reports accounting for $210.4m lost. But the ACCC said 3,910 people reported cryptocurrency as the payment method, up 162.4% with $221.3m lost.
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