Binance Australia Temporarily Suspends AUD Services as Third-Party Issues Arise
Binance Australia, a prominent cryptocurrency exchange, has temporarily halted its fiat services for Australian Dollars (AUD), including bank transfers, withdrawals, and deposits. The suspension comes as a result of a decision made by a local payment service provider, which Binance Australia relies on for facilitating AUD transactions.
In a recent tweet, Binance Australia explained that it is currently unable to process PayID AUD deposits due to the actions taken by its third-party payment service provider. Consequently, AUD bank transfers, including deposits and withdrawals, have been affected by this issue.
The exchange is actively working to secure an alternative payment service provider in Australia to restore AUD fiat services for its users. In the meantime, Binance users can still engage in buying and selling cryptocurrencies on the platform using debit and credit cards. The Binance B2B marketplace remains operational and unaffected by the suspension.
Binance reassured its customers that their funds are safe and secure on the platform. It also reminded users that their crypto assets are protected by the Secure Asset Fund for Users (SAFU), providing an additional layer of insurance coverage during extreme situations.
According to a report by Financial Review, Sydney-based Westpac Bank is the third party responsible for imposing the fiat restrictions on Binance Australia’s customers. Westpac Bank stated that these restrictions are part of a series of measures implemented to protect customers from scams.
Scott Collary, the Chief Executive of Customer Services and Technology at Westpac Group, highlighted the importance of safeguarding users from fraudulent activities. He acknowledged the legitimate role digital exchanges play in the financial ecosystem but emphasized the need to address the growing use of overseas exchanges by scammers.
As Binance Australia actively seeks a solution with a new payment service provider, users are encouraged to stay updated on the status of AUD services through official announcements from the exchange.