The largest cryptocurrency exchange in the world, Binance, announced on Thursday that some local users won’t be able to deposit or withdraw money after a third-party payment provider discontinued its services.
On social media, Binance announced that users will no longer be able to make deposits in Australian dollars by bank transfer as of right away. Withdrawals will also be discontinued it stated, without stating when.
In a statement, Binance stated that “We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users.”
The second-largest retail bank in the nation, according to The Australian Financial Review, was the provider.
When approached by Reuters, Westpac failed to respond right away with a statement. It said in a previous statement that it had stopped some cryptocurrency payments in order to reduce losses due to fraud. It offered no further data or exchange identification.
With the cancellation of its financial services licence in April due to a regulatory investigation, Binance’s Australian branch has now suffered two challenges in as many months.
Customers can still make transactions using credit or debit cards, according to Binance.
The Australian branch of Binance,biggest cryptocurrency exchange worldwide tweeted this evening on it’s tweeter handle, “Fellow Binancians,We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. ”
It further added,”We understand from our third party payment service provider that Bank Transfer withdrawals will also be impacted and we will advise users on timeline when this is confirmed.”
“We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users. 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,”it continued.
Fellow Binancians,
We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank…
— Binance Australia (@Binance_AUS) May 18, 2023
