Binance’s hold on the Australian market continues to weaken as the exchange announces the delisting of eight Australian dollar (AUD) spot trading pairs.
The world’s largest cryptocurrency exchange is fighting an uphill battle to survive in the Australian market. Today, it announced the delisting of eight AUD spot trading pairs of major altcoins.
Binance Troubled in Australia
Today Binance announced that 21 spot trading pairs will be delisted on May 26. Notably, among these pairs, there are eight AUD trading pairs: ApeCoin (APE), Avalanche (AVAX), Axie Infinity (AXS), Polkadot (DOT), Fantom (FTM), Chainlink (LINK), Sandbox (SAND), and Shiba Inu (SHIB).
Binance said users could continue trading the assets but with a different pair. The development comes as the exchange lost its banking partner for the AUD onramp/offramp last week. Due to that, customers could not use the PayID payment portal.
Last month, the Australian Securities Commission canceled Binance’s derivatives license after a probe into how the exchange differentiated between retail and wholesale customers.
Community Shows Frustration
Community members are now shifting towards alternatives that have PayID or bank transfer services. A community member called out to Binance, “You should fix your relationship with Australian banks.”
Another frustrated community member tweeted:
“Might as well cease operation for Binance Australia. Why bother having it when you can’t trade aud pairs or use Payid/ Osko for Aud deposit / Withdrawals.
Really not happy with what is happening right now.”
Earlier this month, the Changpeng Zhao-led exchange announced it would cease operating in Canada due to regulatory challenges.
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Source: https://beincrypto.com/binance-delists-aud-spot-trading-pairs/