Binance axes 8 Australian Dollar trading pairs 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.

Binance axes 8 Australian Dollar trading pairs

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.

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