Binance Australia has suspended Australian dollar deposits and withdrawals. The cryptocurrency exchange said on Twitter that the decision was made by its third-party payment service provider.
“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,” Binance Australia tweeted. “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.”
Binance Australia said it is now working to find an alternative provider to continue offering AUD deposits and withdrawals to its users. The ability to buy and sell crypto using credit or debit cards is still available, it added.
The suspension of AUD bank transfers comes at a time when Binance is facing increased scrutiny from regulators around the world. The exchange has been accused of operating without proper licensing in some jurisdictions.
In Australia, Binance Australia is regulated by the Australian Securities and Investments Commission (ASIC). The exchange has been working with ASIC to ensure that it complies with all applicable regulations.
Binance Australia said it is committed to providing its users with a safe and compliant platform to trade crypto. The exchange said it will continue to work with regulators to ensure that it meets all applicable requirements.
