Binance Australia can’t process Australian Dollar fiat deposits Binance Australia can’t process Australian Dollar fiat deposits
Several Binance subsidiaries are struggling to find new banking partners following increased regulatory scrutiny.
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Updated: May. 30, 2023 at 9:57 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance Australia said it could no longer process PayID Australian Dollar deposits for users because of “a decision” made by its third-party payment service provider.
According to a May 18 statement, the exchange confirmed its users could process bank transfer withdrawals from its platform. In its initial statement, the Australia-based exchange had said it couldn’t also process withdrawals.
Meanwhile, Binance Australia users can still buy and sell crypto using credit or debit cards. The platform added that its peer-to-peer (P2P) marketplace operation remains unaffected.
Binance said it is currently working to find an alternative provider to continue offering AUD deposits and withdrawals for users.
The service disruption comes a month after the exchange canceled its derivatives license with the Australian Securities and Investments Commission (ASIC). At the time, the financial regulator said it was reviewing Binance’s financial services business in the country.
Meanwhile, Binance Australia is not the only subsidiary of the crypto exchange struggling to find new banking partners. Earlier this year, Binance suspended US Dollar-denominated bank transfers and British Pounds services for new users.
Since FTX collapsed in November 2022 and the recent banking crisis, financial regulators around the world have increased their regulatory scrutiny over crypto-related activities within their jurisdictions.
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