Following the withdrawal of support from its local payment service provider, Binance Australia announced that it would stop its AUD services.
The Decision was Made Due to a Third-Party Provider
Due to a decision by our third-party payment service provider, Binance Australia announced on May 18 that PayID deposits in Australian dollars are stopped and bank transfer withdrawals would also be impacted. Binance customers in Australia may no longer fund their accounts by bank transfer when depositing AUD. Withdrawals, however, will be available indefinitely.
Binance is actively seeking a replacement solution to continue supporting AUD deposits and withdrawals. Credit and debit card purchases of crypto are still possible . Credit and debit cards may still be used for trading cryptocurrencies. Binance P2P will also carry on operating normally.
How Will the Suspension Affect Binance?
Yet, transactions in Australian dollars, including deposits and withdrawals are still possible . At the time of publication many Australians could use PayID to deposit Australian dollars and withdraw into an Australian bank account.
This decision came a month after Australian regulators canceled Binance Australia’s license . Many people in Australia who use or invest in cryptocurrencies may be affected by Binance’s decision to shut down. An announcement of one million users was made by Leigh Travers, formerly CEO of Binance Australia Research indicates that over 3.3 million people in Australia have some kind of cryptocurrency holdings .
Binance Is Dealing with a Lot of Regulatory Problems
Unfortunately, this is not the biggest problem Binance has had recently . Although the company was founded in China, it had to withdraw completely from the country after China’s crypto bans. In addition it has recently become the focus of the American CFTO’s research on insider trading and market manipulation . The IRS and the Justice Department were also investigating Binance for money laundering and tax evasion.
