Binance Australia Suspends Fiat Services For AUD Due To Issues With Third Party

May 18, 2023


Binance Australia reports that Australian dollar deposits and withdrawals have been disrupted owing to a decision taken by its third-party supplier. As a result, cryptocurrency exchange Binance Australia has informed customers through an official tweet that it has ceased Australian dollar services following the apparent discontinuation of support for the exchange by its local payment services provider Zepto.

Binance now plans to find an alternate source to continue giving its consumers Australian dollar deposits and withdrawals. However, the option to buy and sell cryptocurrency with credit or debit cards remains. Notably, one may still purchase and trade cryptocurrency with a credit or debit card, and our Binance P2P marketplace will continue to function normally. Furthermore, it promised users that their cash would be safe through the Secure Asset Fund for Users (SAFU), an insurance fund that protects Binance users and their funds in severe circumstances.

This news came one month after the Australian Securities and Investments Commission canceled the license of Binance Australia Derivatives Financial as a result of an ongoing investigation into the local activities of the company.  This service outage seems to affect a large number of Australian Cryptocurrency users and investors.

While interviewing with The Sydney Morning Herald in December 2022, Leigh Travers, the then Binance Australia’s CEO said that the exchange had one million customers. However, according to Finder’s study of November 2022, there were about 3.3 Million Australians who were anticipated to hold crypto.

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