Cuscal Imposes Stricter Rules on Australian Crypto Exchanges

CANBERRA June 20 – Cuscal, a prominent payments provider in Australia, has imposed stricter banking rules on cryptocurrency exchanges in collaboration with its partner Zepto. According to an official statement, the move has drawn criticism from Blockchain Australia, the country’s industry body.

According to the Blockchain Australia statement, the requirement outlined in the Zepto survey included implementing suitable controls to combat fraud among users of digital currency exchanges. 

Specific stipulations mentioned included a mandatory 24-hour hold on initial inbound payments of any amount, real-time verification of user identities, and undisclosed transaction limits for crypto exchange payments. 

Blockchain Australia further criticized the fact these new requirements appeared to solely target crypto exchanges, stating that it supported endeavors to enhance secure digital transactions while upholding users’ autonomy in deciding how to utilize their funds and assets.

The exact number of Australian exchanges relying on Cuscal and Zepto’s payment services remains unknown as this data is not publicly available. However, it is worth noting that approximately 400 crypto exchanges in Australia are registered to fulfill anti-money laundering and counter-terrorism financing obligations.