Binance Australia suspends AUD fiat services, citing issues with third party

Cryptocurrency exchange Binance Australia has informed users it has suspended Australian dollar services as its local payment services provider has seemingly stopped support for the exchange.

On May 18, Binance Australia tweeted that AUD PayID deposits were suspended and bank transfer withdrawals will also be impacted “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 impacted and we will advise users on timeline when this is confirmed,” it added.

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

Binance said it is now working to find an alternative provider to continue offering AUD deposits and withdrawals to its users.

The ability to buy and sell crypto using credit or debit cards is still available, it added.

Binance just got de-banked in Australia

which country is next? pic.twitter.com/SiLBrj9pYu

— Liquidity Goblin (@liquiditygoblin) May 18, 2023

“Notably, you can still buy and sell crypto using credit or debit card and our Binance P2P marketplace will also continue to operate as usual. Rest assured that your funds are safe through the Secure Asset Fund for Users (SAFU), an insurance fund that offers protection to Binance users and their funds in the event of extreme situations,” it added.

AUD withdrawals are seemingly still able to be undertaken for now. An Australian journalist from Cointelegraph reported still being able to withdraw AUD into an Australian bank account at the time of writing.

Cointelegraph contacted Binance for comment but did not immediately receive a response.

The suspension comes a month after the Australian securities regulator cancelled the financial services license of Binance Australia Derivatives after it reviewed Binance’s local operations.

Asia Express: Alameda’s $38B IRS bill, Do Kwon kicked in the assets, Milady frenzy