Binance Australia Ceases Australian Dollar Withdrawals and Deposits

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Key takeaways:

  • Binance Australia has stopped accepting bank transfers for deposits and withdrawals of Australian dollars.
  • After the halt, customers can still purchase and trade cryptocurrency using credit and debit cards.

According to an announcement last month, Binance Australia has stopped accepting bank transfers for deposits and withdrawals of Australian dollars.

The exchange stopped trading all AUD trading pairs as of June 1. After June 1, users may convert their Australian currency (AUD) balance to the US dollar (USDT) to facilitate withdrawal and trading operations. Credit or debit cards continue to be accepted for cryptocurrency purchases and trades, and Binance Australia’s P2P marketplace will continue to operate regularly. Additionally, Binance Australia is looking into different vendors to keep accepting AUD for withdrawals and deposits.

Despite these modifications, Binance Australia is committed to providing additional avenues for users to engage in cryptocurrency transactions and to guaranteeing the security of user funds through the Safe Asset Fund for Users (SAFU).

One of the biggest cryptocurrency exchanges in the area, Binance Australia, has made a significant announcement about modifications to its services. The company had already expressed regret for alerting users that AUD payments and withdrawals through bank transfers would be discontinued as of June 1.

According to Binance’s Australian affiliate, PayID deposits in Australian dollars have been prohibited due to third-party payment providers; bank transfer withdrawals will also be disrupted, and efforts are being made to find substitute suppliers. Westpac Bank has reportedly prohibited customers from trading on Binance and is trialing new crypto payment procedures to prevent fraud losses. Australian consumers swiftly liquidate their cryptocurrency at a lower price than rival exchanges, while Binance fends off regulatory scrutiny.

The decision by Binance Australia to stop offering all AUD trading pairs signals a change in the exchange’s operating priorities. However, users are still permitted to use their credit or debit cards to make cryptographic transactions, guaranteeing continued access to digital assets.

Currently, Binance is fighting to maintain its banking services in Australia while fending off claims that it was improper in how it attracted consumers and helped with international money laundering.

The Australian Securities Exchange (ASX), which runs Australia’s stock market, stated on May 19 that it would give up trying to rewrite its software platform using blockchain-based technology. ASX has been working on creating a distributed ledger technology solution for the past five years to replace its aging Clearing House Electronic Subregister System.

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