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Binance Australia Stops AUD Bank Transfers as Search for Payment Partner Drags On
Customers can still buy and sell crypto using credit and debit cards after the halt, which was announced last month.
Binance Australia halted Australian dollar (AUD) deposits and withdrawals by bank transfer as announced last month, the exchange said on Thursday.
On May 18, Binance Australia said it would no longer facilitate AUD bank transfers using PayID "due to a decision made" by the third-party payment service provider. A May 22 update said the services will continue until June 1.
STORY CONTINUES BELOW
The latest tweet said Binance Australia users can still buy and sell crypto using credit or debit cards, and that it is "working hard to find an alternative provider."
Fellow Binancians,
— Binance Australia (@Binance_AUS) June 1, 2023
We regret to inform you that AUD deposits and withdrawals by bank transfer are no longer available to Binance users in Australia. Binance has ceased all AUD trading pairs as of June 1. In order to facilitate withdrawals and trading activities after June 1, you…
For the past few days, bitcoin (BTC) has been trading at nearly a 20% discount on Binance’s Australia arm, compared with rival exchanges.
In April, after a request from Binance, the Australian Securities and Investments Commission (ASIC) canceled Binance Australia's derivatives license.
Read More: Australia's Treasury and Reserve Bank Held Consultations With Coinbase, Others
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
