• Binance Australia has halted AUD fiat services due to a decision made by its local payment services supplier.
• Customers can still purchase and trade cryptocurrency using credit or debit cards and the Binance P2P marketplace.
• The suspension of these services could impact a large number of Australian cryptocurrency users and investors.
Binance Australia Halts AUD Deposits and Withdrawals
Binance Australia has halted AUD fiat services in a move that could impact a large number of crypto users in the country. The action was taken due to a decision made by its local payment services supplier, leaving customers unable to perform deposits or withdrawals using Australian Dollars.
Services Still Available for Crypto Trading
The exchange stated that customers can still purchase and trade cryptocurrency using credit or debit cards, as well as the Binance P2P marketplace, which will continue to operate as usual. Furthermore, funds are protected 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.
Regulatory Heat for Binance Australia
Recently, The Australian Securities and Investments Commission (ASIC) cancelled the license for Oztures business Pty Ltd, which was trading as Binance Australia Derivatives. This cancellation went into effect on 14 April 2021, with all clients required to terminate any existing derivative positions by 21 April 2021. ASIC is currently undertaking an assessment of Binance’s financial services business in Australia with particular attention being paid to its retail and wholesale client categorization process.
Looking for Alternative Payment Services Supplier
In light of this news, Binance is searching for an alternative partner who can enable them to continue offering AUD deposits and withdrawals once again. Until then, customers will still be able to buy and sell cryptocurrency using credit/debit cards via their platform.
Impact on Crypto Users
The suspension of these services could have serious implications on a large number of Australian cryptocurrency users and investors who rely upon such platforms for their daily transactions.