BREAKING: Binance Australia halts AUD financial institution transfers

• Binance Australia has halted all Australian Greenback deposits.
• Customers can nonetheless purchase and promote cryptocurrencies utilizing credit score or debit playing cards.
• Binance Australia is working in the direction of discovering another funds supplier.

Binance Australia has with rapid impact halted all Australian Greenback deposits for its customers, in keeping with an announcement the corporate tweeted on Thursday.

The crypto change introduced it might not facilitate AUD financial institution transfers by way of PayID, citing the choice of a third-party fee supplier as the explanation for the motion.

“We remorse to tell you that with rapid impact we’re unable to facilitate PayID AUD deposits for Binance customers resulting from a call made by our third get together fee service supplier. We perceive from our third get together fee service supplier that Financial institution Switch withdrawals will even be impacted and we are going to advise customers on timeline when that is confirmed,” the crypto change’s discover to customers read.

A follow-up tweet from the change stated that customers will proceed to entry AUD withdrawals, with any modifications set to be communicated in due time.

We now have confirmed with our native fee associate that our customers can proceed to withdraw AUD and we are going to replace with any additional modifications on timing as we all know extra. Customers are nonetheless in a position to purchase and promote by way of debit and bank card. https://t.co/ReS6V7FbZu

— Binance Australia (@Binance_AUS) May 18, 2023

Customers can nonetheless purchase and promote by way of debit/bank card

Whereas the AUD financial institution transfers are suspended for now, Binance says its customers can nonetheless buy and promote cryptocurrencies utilizing credit score or debit card. The platform’s P2P market additionally continues to function usually, the discover added.

Within the preliminary assertion, Binance Australia stated it was working in the direction of discovering another funds supplier. Binance additionally assures customers that funds are SAFU.

Binance Australia’s banking issues come at a time the broader crypto trade is seeing a rising affect from challenges associated to fiat on-ramps. 

The latest collapse of crypto pleasant financial institution Silvergate Financial institution and the exit of the Cosmopolitan Business Financial institution from the area is predicted to exacerbate the state of affairs much more amid strict crypto banking regulation.