Binance Australia Officially Ceases AUD Deposits And Withdrawals

Binance Australia on Thursday said it has officially ceased Australian dollar (AUD) deposits and withdrawals by bank transfer. The crypto exchange has also ceased all AUD trading pair.

However, Binance users in Australia can still facilitate withdrawals and trading by converting AUD to USDT. Users can buy and sell crypto using credit or debit cards or use the Binance P2P marketplace to continue trading their favorite virtual assets.

Binance Suspends AUD Deposits and Withdrawals by Bank Transfer

Binance Australia in a tweet on June 1 revealed that AUD deposits and withdrawals by bank transfer are officially halted. After being targeted by US regulators this year, Binance faced regulatory challenges in Australia.

Users can still buy and sell crypto using credit or debit cards, as well as using Binance P2P marketplace. Binance assured users that their funds are safe under the Secure Asset Fund for Users (SAFU) insurance fund. Meanwhile, the exchange is also working to find another partner.

“We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users.”

Binance announced offering zero maker fees in the AUD market when users trade crypto through Binance P2P marketplace until June 30. “Whether it’s BNB, BTC, ETH, SHIB, ADA, or USDT, trade with AUD and pay no fees! Offer runs until 30th June.”

Also Read: Binance CEO “CZ” On First Digital USD (FDUSD) Stablecoin Support On Exchange

Regulatory Challenges in Australia

Last week, Binance ceased all AUD trading pairs for Bitcoin and other cryptocurrencies. Users panicked to sell their Bitcoin and other cryptocurrencies at a massive discount. BTC price was trading at a $9k discount from the market price on Binance Australia.

The Australian Securities and Investments Commission (ASIC) canceled the derivatives license of Binance Australia in April. The exchange suspended Australian dollar deposits after it lost its Australian banking partner.

The problems started after the Australian Securities and Investments Commission (ASIC) began a probe against the exchange for mistakenly categorizing traders as wholesale investors.

Also Read: BTCUSDT Open Interest Tumbles Amid Coinbase-US IRS Debacle, Bitcoin Crash Imminent?

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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