Breaking: Binance Australia halts AUD deposits and withdrawals, effective immediately

Binance Exchange

The renowned crypto exchange Binance Australia has updated its Australian users (via social media and email) that it has halted AUD deposits using PayID – effective immediately. That comes as the platform’s 3rd-party payment provider decided to stop supporting the exchange.

The developments will likely impact AUD withdrawals using bank transfers, though no one knows when. The latest updates suggest that a Finder employee withdrew around $3,000 via bank transfer early today (18 May 2023). However, the exchange confirmed that the suspension would impact withdrawals.

Besides explaining that it had to suspend the AUD services due to a 3rd party decision, Binance added that the exchange is working to secure another payment provider and continue supporting AUD fiat deposits & withdrawals. Users will receive updates about this via email.

Furthermore, Binance guaranteed investors that funds were safe through the SAFU (Secure Asset Fund for Users). SAFU safeguards investors against theft and hack – valued at around $1B in 2022.

Users can still trade and withdraw – Here’s how

The exchange added that Australian users could purchase or sell digital coins using debit or credit cards. Moreover, the peer-to-peer marketplace is working as usual. Also, investors with crypto on the trading platform can withdraw to a different wallet or exchange.

For instance, Australians that want to convert cryptocurrency to AUD fiat before withdrawing cash to bank accounts can accomplish that by sending their tokens to a different Australian crypto exchange and trading them for the fiat.

The service interruption comes after the Australian securities watchdog suspended Binance Australia Derivatives’ financial license a month ago. The regulator invalidated the certificate after reviewing Binance’s local undertakings.

Indeed, the service suspension will likely impact many crypto investors and users in Australia. Former Binance Australia CEO Leigh Travers told The Sydney Morning Herald in December 2022 that the exchange had one million users. Also, Finder’s November 2022 study revealed nearly 3.3 million Aussies own cryptocurrency.

Nonetheless, crypto enthusiasts seem frustrated with the trading platform and its operations lately. Only time will reveal Binance‘s fate in the region.

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