SNEAK PEEK
- Binance Australia Faces AUD Deposit Disruption, Seeks Solutions.
- The Australian Securities and Investments Commission canceled Binance’s license.
- The company acknowledges the inconvenience caused to its customers.
Binance Australia, a renowned cryptocurrency exchange, has announced a temporary disruption in its Australian dollar (AUD) deposit services and alerted users about potential delays in bank transfer withdrawals. The company attributed these changes to the decision made by an external payments provider, which has prompted Binance Australia to seek alternative solutions.
Fellow Binancians,
We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank…
— Binance Australia (@Binance_AUS) May 18, 2023
In a recent communication to its customers, Binance Australia stated that PayID, a widely-used local instant payment method, would no longer be available for depositing funds into their platform. Additionally, the withdrawal of Australian dollars from bank accounts has been put on hold until further notice.
The exchange is diligently exploring options to overcome these challenges and is actively pursuing an alternative provider to reinstate AUD deposit and withdrawal services.
This change occurred after Binance’s license for its derivatives business was canceled by the Australian Securities and Investments Commission (ASIC) in April. ASIC launched a thorough investigation into Binance’s local activities, and as a result of the continuing evaluation, its license was revoked.
Binance Australia, a subsidiary of the global Binance group, has been striving to adhere to regulatory frameworks and ensure compliance with local laws. Despite the disruptions, the exchange remains committed to serving its Australian user base and works diligently to find a suitable payment provider to support seamless AUD transactions.
The temporary suspension of AUD deposit and withdrawal services on Binance Australia underscores the importance of robust partnerships with payment providers for cryptocurrency exchanges. The company acknowledges the inconvenience caused to its customers and appreciates their patience during this transitional phase.
As Binance Australia continues to explore alternatives and seek regulatory compliance, it encourages users to stay updated with the latest announcements from the exchange. Users can expect further information regarding the impact on bank transfer withdrawals once additional confirmation is obtained.
