Binance Australia ‘Unable’ to Process AUD Deposit, Withdrawal Services

Lavina Daryanani
Source: Coin Culture

On Thursday, May 18, Binance Australia announced that the exchange is not able to facilitate fiat deposits. It attributed the service suspension to a “decision” made by its third-party payment service provider. Specifically, its local settlement provider has ceased support for the exchange. Chalking out other implications of the halt, the announcement noted,

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.

Binance clarified that its team is “working hard to find an alternative provider.” This is being carried out to help the exchange resume offering AUD deposits and withdrawals to users.

The latest suspension in Australia comes on the heels of the exchange pulling out of Canada. Binance stated that the new guidance related to stablecoins and investor limits provided to crypto exchanges made the Canadian market no longer tenable for it. Yet, Binance CEO Changpeng Zhao remains confident that Binance will “someday” return to the market when Canadian users can access a broader suite of digital assets.

As far as the latest Australian development is concerned, Binance clarified that users can still buy and sell crypto using credit or debit cards. Alongside, the Binance P2P marketplace will also continue to operate as usual. Rekindling hope, the statement added,

Rest assured that your funds are safe through the Secure Asset Fund for Users (SAFU), an insurance fund that offers protection to Binance users and their funds in the event of extreme situations.

Also Read: Australian Regulators Cancel Binance’s Derivatives License

Crypto-friendly firm Revolut widens its Australian horizon

Not all developments associated with crypto in Australia are gloomy. Crypto-friendly company Revolut has launched international payments-centric business accounts for clients in Australia. Alongside, it is also eying a banking license. Elaborating on the same in a recent interview with The Australian, Matt Baxby, CEO of Revolut’s Australian arm said,

“A bank license is still very much part of our plans. To be held to that regulatory standard would give our consumers confidence for the long haul, and would enable products that are in demand from our customers. We’re working our way through that, and it’s a key part of our plans overall.”

Also Read: Australia: ASIC Is Conducting a “Targeted Review” of Binance