Binance Australia Temporarily Suspends AUD PayID Deposits and Bank Transfers

Source: COINCU

Binance Australia has informed its customers that it has stopped offering Australian dollar services due to a halt in support from its local payment services provider. The exchange mentioned that AUD PayID deposits and bank transfer withdrawals might be affected due to a decision made by their third-party payment service provider.

They assured customers that crypto trading through credit or debit cards and their Binance P2P marketplace will continue as usual. Binance Australia is actively seeking an alternative source for bank transfer withdrawals. The exchange also reassured users that their funds are protected through the Secure Asset Fund for Users (SAFU), an insurance fund that safeguards Binance users and their funds during extreme circumstances.

Westpac, an Australian multinational banking and financial services company, has recently prohibited its clients from engaging with Binance Australia as part of measures aimed at mitigating scam losses. Westpac cited the increasing use of overseas exchanges by scammers and implemented anti-scam procedures.

However, for now, AUD withdrawals appear to still be possible. This suspension comes after the Australian Securities and Investments Commission (ASIC) revoked Binance Australia Derivatives’ financial services license following an investigation into Binance’s local operations. The termination of the license does not affect Binance’s requirement to be a member of the Australian Financial Complaints Authority until April 8, 2024.

Leave a Reply

Your email address will not be published. Required fields are marked *