👉 Background: Binance is the world's most popular cryptocurrency exchange platform. It was launched in China and allows its users to buy, sell, and trade a range of cryptocurrencies. Think a marketplace for Bitcoin, Ethereum, or Dogecoin.

👉 What happened: Now, Binance has just discovered that Westpac has banned their customers from transacting on their platform. But that's not the only bad news... Binance also found out they could no longer facilitate PayID transfers.

👉 What else: The common denominator here is clearly the fear of money scams. And a lot of this fear is due to the fact that stolen cryptocurrency can become almost impossible to trace once it's off-ramp or offline.

What's the key learning?

💡They say stolen money always leaves a paper trail, but with digital money... it can become tricky to recover. When a cryptocurrency leaves the exchange and goes offline, it can become very difficult to recover.

💡Who is the person behind this mysterious public address? Where are they moving the money to? In fact, Westpac's data shows that a third of all scam payments were directly transferred to a cryptocurrency exchange.

💡And now Westpac, along with payment platform Cuscal, are making a hard play to get on top of this before money vanishes through scams.