Binance Australia Suspends AUD Fiat Withdrawals And Deposits

  • Binance Australia has suspended Australian Dollar (AUD) services, including withdrawals. 
  • The crypto exchange’s Australian arm blamed issues with the local payment service provider for suspending fiat services. 
  • The exchange is currently working to secure an alternative payment service provider to resume AUD services. 

The Australian arm of the world’s largest crypto exchange has suspended withdrawals and deposits in Australian Dollars (AUD). Binance Australia announced earlier today that it had halted AUD fiat payment services following issues with its local payment service provider. The buying and selling of crypto assets using credit and debit cards is reportedly unaffected. 

Binance Is Looking For An Alternative Payment Service Provider

Binance Australia took to Twitter earlier today to inform its customers about the latest development. The crypto exchange revealed that a decision made by its third-party payment service provider led to the suspension of PayID AUD deposits for the platform’s users with immediate effect. The exchange’s local payment service provider revealed that AUD bank transfer withdrawals have also been affected by the ongoing issue. 

Binance told its Australian users that it was working to find an alternative payment service provider in the country to resume AUD deposits and withdrawals. The platform’s users can still access the Binance P2P marketplace and trade crypto assets using bank cards. The exchange assured users that their funds were safe on the trading platform. The users were also reminded that all funds were insured by the Secure Asset Fund for Users (SAFU), which offers protection to the exchange’s users in the event of “extreme situations.”

Binance Australia’s AUD bank transfer suspension comes just a month after the exchange had its local derivatives canceled by the country’s top securities regulator. The crypto community on Twitter expressed concern at exchange’s latest development. One user highlighted that earlier this year, the main international crypto exchange had suspended US Dollar bank transfers without specifying any reason. 

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