The local payment services provider for the cryptocurrency exchange Binance Australia appears to have stopped supporting the exchange, therefore it has told users that it has suspended Australian dollar services.
On May 18, Binance Australia stated that bank transfer withdrawals and Australian dollar PayID deposits have been blocked due to a decision made by their third-party payment service provider.
They know from their third-party payment service provider that Bank Transfer withdrawals will also be affected and they will notify consumers of a schedule when this is confirmed, it said.
Users of Binance in Australia will no longer be able to deposit AUD through bank transfers, a representative for the exchange said in a statement, stressing that the change is effective immediately. Withdrawals will continue to be accepted for an unspecified amount of time.
In order to keep letting its customers make deposits and withdrawals in Australian dollars, Binance stated it is currently looking for a replacement source. It stated that it was still possible to buy and sell cryptocurrency using credit or debit cards.
Notably, customers can continue using credit or debit cards to buy and trade cryptocurrency, and the Binance P2P marketplace will continue to function normally. You may rest easy knowing that your money is secure due to the Secure Asset Fund for Users (SAFU), an insurance fund that provides protection to Binance users and their money in case of emergency, it added.
Despite the announcement, it appears that for the time being, Australian dollar deposits and withdrawals are still possible.
Following an investigation into Binance’s local operations, the Australian securities regulator cancelled Binance Australia Derivatives’ financial services license a month prior to the suspension.
Many Australian cryptocurrency investors and users may be impacted by the service halt.
Leigh Travers, then-CEO of Binance Australia, asserted that the exchange had surpassed one million users in an interview with The Sydney Morning Herald in December.
According to Finder data from November 2022, approximately 3.3 million Australians are believed to be crypto owners.
