Binance axes 8 Australian Dollar trading pairs Binance axes 8 Australian Dollar trading pairs
Binance announces the removal of several AUD trading pairs amid trouble on multiple fronts including the withdrawal of PayID ramping services.
2 min read
Updated: May. 24, 2023 at 9:59 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Binance will remove spot trading activities for eight digital assets, including Apecoin, and Shiba Inu, paired with the Australian Dollar (AUD) on May 26.
Other affected crypto assets include Chainlink (LINK), Polkadot (DOT), Axie Infinity (AXS), Avalanche (AVAX), Fantom (FTM), and Sandbox (SAND).
The exchange explained in a May 24 statement that users can still trade the affected assets on other trading pairs within its platform. However, it would terminate its Trading Bots services for the mentioned pairings.
Recent issues with Binance Australian operation
This is coming less than a week after Binance said it could no longer process PayID Australian Dollar deposits for its users. On May 18, the exchange explained that its decision was tied to a third-party payment service provider Cuscal which would no longer provide these services for its platform.
Australia’s oldest bank Westpac later announced a ban on cryptocurrency transactions to specific exchanges. Several industry players believe that one of the affected exchanges was Binance.
Meanwhile, Binance is also under investigation by the Australian Securities and Investments Commission (ASIC) regarding its compliance with local regulations. The exchange canceled its derivatives license with the financial regulator in April.
Trouble on multiple fronts
Besides its recent issues in Australia, Binance has recently faced increased regulatory troubles from multiple fronts.
The exchange has struggled to find new banking partners in the United States and the United Kingdom as it had to suspend US Dollar-denominated bank transfers and British Pounds services for users.
Meanwhile, the U.S. Commodity Futures Trading Commission (CFTC) filed a complaint against Binance and its CEO, Changpeng ‘CZ’ Zhao, over allegations of regulatory violations. At the time, the exchange said the lawsuit was “unexpected and disappointing.”
On May 23, Reuters, citing anonymous insiders, reported that Binance commingled user funds with corporate funds in 2020 and 2021. The report said the exchange converted some of these commingled funds into Binance USD (BUSD) because Zhao distrusted banks.
Mentioned in this article
SHIBA INU 
Chainlink 
ApeCoin 
Fantom 
Polkadot 
The Sandbox 
Avalanche 
Axie Infinity 
Binance 
Changpeng Zhao Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Shiba Inu (SHIB) is a decentralized meme token that aims to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. According to SHIBA INU, the reasoning behind the creation of SHIBA is that Shibas constantly forget where they bury their treasure.
Chainlink
$23.1302
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
ApeCoin
$1.17044
ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize a decentralized community building at the forefront of web3.
Fantom
$0.97849
Fantom is a directed acyclic graph (DAG) smart contract platform providing decentralized finance (DeFi) services to developers using its own bespoke consensus algorithm.
Polkadot
$6.99621
Polkadot development is on track to deliver the most robust platform for security, scalability, and innovation.
The Sandbox
$0.56952
The Sandbox is a virtual world where players can build, own, and monetize their gaming experiences on the Ethereum blockchain using the platform’s utility token SAND.
Avalanche
$37.1808
Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
Axie Infinity
$6.15530
Axie Infinity is a game about collecting and raising fantasy creatures called Axie, on Ethereum platform.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.