On May 18, Digital currency platform Binance Australia notified clients via tweet, that it has halted Australian dollar transactions after its local payment supplier Zepto apparently halted services for the platform.
Binance Australia from their official tweeter handle revealed that “PayID deposits made in Australian dollars were halted, and bank transfer withdrawals will also be disrupted, due to a decision taken by our third-party payment service operator.”
It further wrote, “We comprehend from our payment provider that Bank transactions and withdrawals will likewise be influenced and we will update clients on the course of events when this is affirmed.”
A spokesman for Binance stated in a statement that “AUD deposits by financial institutions are no longer accessible to Binance clients in Australia,” emphasizing that the ban is effective immediately but that withdrawals would continue to be accepted for an unspecified amount of time.
Binance states that it is currently looking for another service provider to keep offering Australian dollar transactional services to its clients. Debit and credit cards may still be used to buy and trade cryptocurrency.
A representative for Zepto said that it “processes transactions for Binance Australia.” Zepto said, “Our client, Cuscal told us to disconnect Binance. We are collaborating with Binance at the moment to help them with the issue.”
Additionally, our Binance P2P marketplace will continue to function normally and you may still purchase and trade cryptocurrency with a credit or debit card.
The Secure Asset Fund for Users (SAFU), a type of insurance fund that provides security to Binance users and their cash in the case of severe conditions, enables you to Have confidence that your money is secure, Zepto representative.
In spite of the declaration, Australian dollar withdrawals and deposits are apparently still ready to be attempted for the present.
The ban comes one month after the Australian lawmaker’s controller terminated Binance Australia Derivatives’ financial services licence after inspecting Binance’s regional operations. Numerous Australian cryptocurrency users and investors may be significantly impacted by the service suspension.
Based on Finder data from November 2022, almost 3.3 million Australians are thought to be cryptocurrency owners.
Leigh Travers, who was then the CEO of Binance Australia, said that the exchange had one million customers in a December conversation with The Sydney Morning Herald.
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