Westpac banks bans transfers to Binance exchange

Hello friends,

I am doing good, and I hope that you are having a good time with your near and dear ones.

Westpac is a bank in Australia and based on the user base and market cap we can also call it a leading bank in the country. This bank has banned its transfer to the leading cryptocurrency exchange Binance. As part of the bank this action has been taken to avoid scams and even to reduce the number of his Cam transactions.

I don't think this is a valid reason because scams are everywhere and blaming some crypto companies for the same is not a valid reason. I am sure that if something wrong happens which can also be a scam situation in any other way then the bank will not be doing any sort of compensation so instead of banning the transaction, they can look for other alternatives. Maybe someday crypto becomes even bigger and at that time the leading exchanges do not choose this bank for their innovation.

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Banks need to understand that this is not a good way of working and they need to change themselves if they really want to sustain their business. I know that this has happened in India as well where all the transactions were banned by the banks just after one order and even now situation is not user-friendly. I just believe that there will be someday when the situation will be the other way around. Probably crypto companies will get more power and community support so they will have to choose which bank is the better to manage their various initiatives and surely not the ones who have been anti-crypto before.

Just imagine if banking supports crypto as an asset that can be traded with no problematic situations at all. This will help the banks as well as the government to generate more revenue and taxes and even the users will be happy because they are going to get better services from the exchanges.

Thank you

Posted Using LeoFinance Alpha