Crypto.com committed to AFL sponsorship despite banning BPay deposits

Major AFL sponsor Crypto.com has taken a dramatic step to heighten customer security. See how it affects you.

Major AFL sponsor Crypto.com says it has stopped Australian customers from transferring money to it through the BPay system in a move that comes after major bank Westpac cut it off.

But the Singapore-based company insists it is here to stay in Australia and remains committed to its $25m footy sponsorship.

A spokesperson for the Matt Damon-endorsed crypto exchange said deposits through BPay would no longer be accepted from Tuesday.

Matt Damon in the 2021 Crypto.com ad. Picture: Crypto.com

“Fraud rates across the financial services industry in Australia have risen in recent months,” the spokesperson said.

“In order to maintain the highest possible levels of security and fraud prevention for our customers we have taken the decision today to remove BPay from our system.

“Deposits via PayID on NPP (New Payment Platform) will continue to be supported.”

BPay has been approached for comment.

Last week, Westpac banned transfers from its account holders to Crypto.com, which has 50 million customers worldwide.

It is the second crypto exchange cut off by Westpac, which previously banned the world’s biggest, Binance.

Crypto.com’s spokesperson said the company needed more time to answer questions about Westpac’s ban.

The group last year signed a blockbuster $25m, five-year sponsorship deal with the AFL, covering both the men’s and women’s contests that put it among the second-top rank of sponsors, alongside household names including AAMI, Carlton Draught and Coles.

AFL executive general manager commercial Kylie Rogers and Crypto.com general manager Asia & Pacific Karl Mohan. Picture: Jonathan Di Maggio

“We remain committed to our sponsorship of the AFL which is a longstanding, multi-year deal,” Crypto.com’s spokesperson said.

It is not clear who Crypto.com banks with, although it is understood to have an Australian bank account.

Many fintechs use Cuscal, which holds a banking licence, to provide payment services such as PayID.

Cuscal last week cut PayID services to Binance by instructing Byron Bay-based company Zepto to “offboard” it, a Zepto spokesperson said.

Industry sources say Cuscal is examining whether it should boot all crypto exchanges off its services.

Cuscal has been approached for comment.

Crypto companies are under increasing pressure from regulators, with US authorities launching a series of lawsuits against Binance, Crypto.com and others, and the Australian Securities and Investments Commission investigating Binance and its customers.

Originally published as Crypto.com committed to AFL sponsorship despite banning BPay deposits