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Binance Australia Suspends AUD Fiat Services, Citing Issues with the Third Party

Binance Australia, a cryptocurrency exchange, has informed its users that it has suspended services involving the Australian dollar. This comes as the exchange’s local payment services provider appears to have stopped supporting the exchange.

As of the 18th of May, Binance Australia announced via Twitter that AUD PayID deposits had been halted and that bank transfer withdrawals would also be impacted “due to a decision made by our third-party payment service provider.”

“We understand from our third-party payment service provider that Bank Transfer withdrawals will also be impacted and we will advise users on the timeline when this is confirmed,” the statement continued. “We apologize for any inconvenience this may cause.”

Binance has announced that it is currently working to find a replacement service provider so that it can keep providing Australian Dollar deposits and withdrawals to its users. According to the information provided, buying and selling cryptocurrency using credit or debit cards is still possible.

“It is important to note that you can still buy and sell cryptocurrency using a credit card or debit card and that our Binance P2P marketplace will also continue to operate as usual. “You can rest easy knowing that your funds are protected by the Secure Asset Fund for Users (SAFU), an insurance fund that protects Binance users and their funds in the event of catastrophic events,” the statement continued.

It appears that one can continue to withdraw in AUD for the time being. At the time this article was being written, the Australian staff had the ability to withdraw AUD into an Australian bank account.

After investigating Binance’s activities in the local area, the Australian securities regulator terminated Binance Australia Derivatives’ licence to provide financial services exactly one month before the suspension was implemented.

 

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