Cryptocurrency exchange Binance Australia has notified users that it has suspended Australian dollar services after its local payments provider Zepto was instructed to stop supporting the exchange.
On May 18, Binance Australia tweeted that "due to a decision made by our third-party payment service provider," Australian dollar PayID deposits were suspended and bank transfer withdrawals would also be affected.
"WE Undestand from Our Third-PARTY PAYENT Services Priver That Bank Transfer Withdrawals Will Also Be Affected, and we will promptly notify users once confi. RMed, "It Said. In a statement to cointelegraph, a binance spokesperson confirmed:" Binance Users in Australia Are no longer able to make AUD deposits via bank transfer,” reiterating that the suspension is effectively immediately, but withdrawals will remain open for an unknown period of time.
Binance said it is currently working to find an alternative provider to continue offering Australian dollar deposits and withdrawals to its users. It added that it is still possible to buy and sell cryptocurrencies using a credit or debit card. A spokesperson for Zepto told Cointelegraph that it “processes payments for Binance Australia.”
“Our partner Cuscal directed us to leave Binance,” Zepto added. “We are currently working with Binance to support them through this process.” “Cuscal has and will continue to terminate any client or its clients and/or merchants who do not meet our stringent requirements," it added. "It's worth noting that you can still buy and sell cryptocurrencies with your credit or debit card, and our Binance P2P marketplace will continue to operate as usual. Rest assured, your funds are safe with the Secure Asset Fund for Users (SAFU), which The insurance fund provides protection for Binance users and their funds in extreme cases,” Binance said.
Despite the announcement, it appears that AUD deposits and withdrawals will still be available for now. Cointelegraph's Australian employees were able to deposit small amounts of Australian dollars using PayID and withdraw them from the exchange to Australian bank accounts at the time of writing. A month A while ago, Australian securities regulators canceled Binance's Australian derivatives financial services license after reviewing Binance's local operations.
The service suspension could affect a large number of Australian cryptocurrency users and investors. In an interview with the Sydney Morning Herald in December, Binance Australia's then-CEO Leigh Travers claimed the exchange had reached one million users.
Around 3.3 million Australians are estimated to own cryptocurrencies, according to November 2022 research by Finder.
