Summary:
- Binance suspended Australian Dollar deposits and withdrawals on June 1 after announcing the decision in May.
- Australian users can still buy and sell crypto tokens using their debit or credit cards, the exchange clarified in today’s announcement.
- The platform’s derivatives license was withdrawn in April following controversy with Binance user accounts and a request from the crypto exchange.
Binance Australia will no longer allow users to deposit and withdraw AUD on the exchange weeks after first announcing the decision in May. The apex centralized exchange suspended bank transfers in Australian Dollars after on/off ramp issues with a local banking partner.
Binance Australia Searching For Banking Partner
The suspension of AUD bank transfers to commence on June 1st, means users cannot directly deposit or withdraw money from their bank accounts on the Binance Australia platform for now.
Binance Australia said the reason for this decision is that they are actively looking for a trustworthy alternative provider who can facilitate secure user transactions from fiat currency (AUD) into cryptocurrencies and vice versa.
Australian users can still buy and sell crypto tokens using their debit or credit cards on the platforms’ peer-to-peer or p2p marketplace, the exchange clarified in today’s announcement.
Difficulties with AUD transfer follow a derivatives debacle that saw several user positions liquidated on the exchange. Binance Australia reportedly resolved the issue and asked the Australian Securities and Investments Commission (ASIC) to withdraw its derivatives license. ASIC granted the request.
Regulatory Conundrum
Binance has also faced regulatory challenges in other countries like the US, Canada, and the UK where they have also been accused of operating without proper registration.
Despite facing legal action in some jurisdictions as a result, Binance remains one of the biggest centralized crypto exchanges in the world with its daily spot trading volume ranging over $7 billion, CoinMarketCap data showed.
The exchange has continued to expand its services to regions like the United Arab Emirates, launching new products and features to meet the needs of its users.
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