Westpac, the oldest bank in Australia, has announced that it will block all transactions involving Binance, a popular cryptocurrency exchange, in an effort to protect investors from potential scams and fraudulent schemes. Binance has also announced that specific customers will experience limitations on their ability to deposit or withdraw funds due to a third-party service provider terminating services. This move by Westpac could significantly impact other exchanges operating in Australia and serves as a cautionary message for the exchange and other prominent crypto service providers in the country. The crypto exchanges will now need to reassess their business strategies to ensure their sustainability in the future.
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