Binance Australia Suspends AUD Support Due to Third Party Issues

As per recent reports, Binance Australia announced to its customers that it has discontinued Australian dollar services when its local payment services supplier Zepto seems to have ceased service for the exchange.

Bank Withdrawals will be Affected

Binance Australia announced on May 18 that Australian dollar PayID deposits had been blocked, and that bank transfer withdrawals will be affected as well “due to a decision made by our third-party payment service provider.”

It stated: 

“We understand from our third-party payment service provider that Bank Transfer withdrawals will also be impacted, and we will advise users on a timeline when this is confirmed.”

Binance Australia is Looking for Alternative Sources

Binance is currently looking for an alternate source that will keep facilitating Australian dollar payments and withdrawals to its consumers. It claimed that the opportunity to purchase and sell cryptocurrency with credit or debit cards is still accessible.

Payment services provider Zepto stated that “we are currently working with Binance to support them through this process” while further adding: 

“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.” 

Australia to Terminate Binance’s License

The cancellation of Binance Australia Derivatives’ financial services license comes around a month after the Australian securities regulator had examined Binance’s regional operations and decided to terminate it.

Withdrawal from Canada

Notably, on May 12, top cryptocurrency exchange announced its withdrawal from the Canadian market through Twitter. It explained why it chose to withdraw as “proactive,” owing to the fact that new instructions issued by Canadian authorities have an influence on the country’s crypto sector. 

The corporation has also acknowledged that bitcoin restrictions have made conducting a business in the United States difficult. As a result, it is currently seeking regulation in the United Kingdom.