Binance Australia has temporarily halted its Australian dollar (AUD) services as the local payment services provider has ceased supporting the exchange.
Binance Australia has announced that its local payment services provider has stopped supporting the exchange, leading to the suspension of Australian dollar PayID deposits and bank transfer withdrawals. The exchange is now working to find an alternative provider to continue offering Australian dollar services to its users.
Binance Australia has stopped accepting AUD deposits via bank transfers, while withdrawals remain open for an unknown duration. The exchange is actively seeking an alternative provider to restore Australian dollar deposit and withdrawal services. Users can still buy and sell cryptocurrencies using credit or debit cards.
Despite the AUD service suspension, Binance assures users that they can still trade crypto using credit or debit cards and utilize the Binance P2P marketplace without interruption. The Secure Asset Fund for Users (SAFU) provides insurance coverage to safeguard users’ funds during exceptional circumstances, ensuring their safety.
Although Binance Australia announced the suspension of AUD deposits and withdrawals, some users have reported being able to perform these transactions using PayID. It is worth noting that this situation may change. The suspension follows the recent cancellation of Binance Australia Derivatives’ financial services license by the Australian securities regulator, which conducted a review of Binance’s local operations.
The suspension of services by Binance Australia could have a significant impact on numerous Australian crypto users and investors.
