- Binance Australia has suspended all Australian Dollar deposits.
- You can still use credit cards or debit cards to buy and sell cryptocurrency.
- Binance Australia is looking for an alternative payment provider.
Binance Australia has, with immediate effect, halted all Australian Dollar deposit for its users. The company announced this in a Tweet on Thursday.
The crypto exchange said it would no longer facilitate AUD transfers via PayID. They cited a decision made by a third party payment provider for their action.
“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. 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,” the crypto exchange’s notice to users read.
The exchange tweeted that users can continue to withdraw AUD, and any changes will be announced in due course.
Our local payment partner has confirmed that our users are able to continue withdrawing AUD. We will keep you updated on any changes in timing once we have more information. Users can still buy and sell using debit or credit cards. https://t.co/ReS6V7FbZu
— Binance Australia (@Binance_AUS) May 18, 2023
Customers can still use debit/credit cards to buy and sell
Binance’s users can still purchase and sell cryptocurrencies with a credit or debit card, Binance said. The platform’s P2P marketplace also continues to operate normally, the notice added.
Binance Australia announced in an initial statement that they were working on finding a new payment provider. Binance assures its users that their funds are SAFU.
Binance Australia’s banking problems come at a time the broader crypto industry is seeing a growing impact from challenges related to fiat on-ramps.
It is expected that the recent collapse of the crypto-friendly bank Silvergate Bank, and the exit of Cosmopolitan Commercial Bank will exacerbate the current situation in the crypto banking space.
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