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Cryptocurrency exchange Binance Australia has notified users that it has suspended Australian dollar services as its local payment service provider has discontinued support for the exchange.
On May 18, Binance Australia tweeted that AUD PayID deposits had been suspended and bank transfer withdrawals would 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 advise users on a timeline when this is confirmed.”
Fellow Binancean,
We regret to inform you that we are unable to facilitate PayID AUD deposits for Binance users with immediate effect due to a decision taken by our third party payment service provider. We understand from our third party payment service provider that the bank…
— Binance Australia (@Binance_AUS) May 18, 2023
Binance said it is now working to find an alternative provider to continue offering AUD deposits and withdrawals to its users.
It added that the ability to buy and sell crypto using credit or debit cards is still available.
Binance just got de-banked in Australia
Which country is next? pic.twitter.com/SiLBrj9pYu
— Liquidity Ghost (@liquiditygoblin) May 18, 2023
“Notably, you can still buy and sell crypto using a credit or debit card and our Binance P2P marketplace will also continue to operate as usual. Rest assured that your funds will continue to operate as Secure Asset Funds (SAFU) for users.” which is an insurance fund. Binance provides protection for users and their funds in extreme circumstances,” it added.
Related: Australia Marks First FX Transaction Using CBDC as EAUD Pilot Continues
AUD withdrawals can still be made now. An Australian reporter at Cointelegraph reported still being able to withdraw AUD to an Australian bank account at the time of writing.
Cointelegraph reached out to Binance for comment but did not immediately receive a response.
The suspension comes a month after the Australian securities regulator revoked the financial services license of Binance Australia Derivatives following a review of Binance’s local operations.
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