Crypto Used To Launder Nearly Half Of Financial Scam Proceeds In Australia: Report
Portfolio Pulse from Murtuza Merchant
Nearly half of the proceeds from financial scams in Australia are being laundered through cryptocurrency platforms, according to the Australian Financial Crimes Exchange (AFCX). The AFCX estimates that Australians lost over $3 billion to financial scams in the past year. Banks have responded by imposing limitations on transfers to certain crypto exchanges deemed high-risk. Binance (CRYPTO: BNB), which faces legal challenges, has had transfers halted by many banks.
August 17, 2023 | 1:19 pm
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Binance (BNBUSD) is facing increased scrutiny and regulatory challenges, with many banks halting transfers to the platform due to its perceived high risk.
The news of banks halting transfers to Binance due to its perceived high risk and its involvement in money laundering could negatively impact the trust and reputation of the platform, potentially leading to a decrease in its user base and trading volume, which could negatively impact the price of BNB in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80