Binance Australia has been forced to suspend its Australian dollar (AUD) services temporarily due to the withdrawal of support by its local payment service provider.
Binance Australia has announced that due to the decision by its payment service provider, Australian dollar PayID deposits and bank transfer withdrawals are currently suspended. However, the exchange is actively seeking an alternative provider to restore Australian dollar deposit and withdrawal services to its users. Credit or debit card payments are still available for cryptocurrency trades on the platform.
Although AUD deposits and withdrawals have been suspended, the Binance P2P marketplace is still active, and users can still trade crypto without interruption. The Secure Asset Fund for Users (SAFU) also provides insurance coverage to safeguard users’ funds in case of exceptional circumstances, ensuring their safety.
Although Binance Australia has announced the suspension of AUD deposits and withdrawals, some users claim to still be 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 AUD services by Binance Australia, albeit temporary, could have a significant impact on numerous Australian cryptocurrency users and investors.
Compiled by Coinbold
