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Binance Australia Suspends AUD Fiat Services, Citing Issues with Third Parties

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

On May 18, Binance Australia announced via Twitter that PayID AUD deposits have been discontinued and bank transfer withdrawals will also be affected “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 affected and we will notify users of the timeline when this is confirmed,” the statement continued. “We apologize for the inconvenience caused.”

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

“It is important to note that you can still buy and sell cryptocurrencies using your credit card or debit card and our Binance P2P marketplace will also continue to operate as normal. “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 a catastrophic event,” the statement continued.

It seems that one can continue to withdraw in AUD for now. At the time of writing, Australian staff can withdraw AUD to an Australian bank account.

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

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