Binance Suspends Deposits and Withdrawals for Australian Users Due to Payment Disruption

B. Ali
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Binance Australia announced on May 18 that it could not process PayID AUD deposits for its users anymore. This is because a third-party payment service provider “Westpac” has decided to stop supporting the cryptocurrency exchange. They’re searching for a new option. But users can still buy and sell cryptocurrencies using credit or debit cards.

Scott Collary, an executive at the payment provider, mentioned that scammers are using foreign exchanges more often.

Binance Australia Temporarily Halts Australian Dollar Services

Binance Australia, a cryptocurrency exchange, announced on May 18 that it had temporarily stopped offering services involving the Australian dollar. This decision came after its payment service provider, Westpac, suddenly stopped supporting the platform.

As a result, Binance Australia cannot process PayID AUD deposits for its users anymore. In addition, the exchange also warned that the provider’s action might affect withdrawals through bank transfers.

In a tweet on May 18, Binance Australia didn’t provide any details about why the service was suspended or when it might be reinstated. Instead, they mentioned that they are searching for an alternative solution.

The tweet also suggested that users can use Binance Australia’s peer-to-peer marketplace as an alternative during this time.

“We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users. Notably, you can still buy and sell crypto using credit or debit cards and our Binance P2P marketplace will also continue to operate as usual. Rest assured that your funds are safe through the Secure Asset Fund for Users (SAFU), an insurance fund that offers protection to Binance users and their funds in the event of extreme situations,” the crypto exchange said in a tweet.

Westpac Bans Cryptocurrency Exchanges as a Measure Against Scams

According to local media reports, Westpac, a bank, has cut off several cryptocurrency exchanges, including Binance Australia. This action was taken the same day Westpac announced measures to protect against scams.

Scott Collary, an executive at Westpac, stated that the decision to ban crypto exchanges was made to address potential risks associated with scams.

Westpac’s Ban and ASIC License Cancellation Impact Binance Australia.

Scott Collary, an executive at Westpac, stated that customers realize they have been scammed after their funds have left the country, making it challenging to recover the stolen money. An unidentified spokesperson from Australian Payments Plus confirmed the decision but denied any involvement in the situation.

Westpac’s ban on Binance Australia is the most recent setback for the cryptocurrency exchange in Australia. Earlier in April, the Australian Securities and Investments Commission (ASIC) canceled the license of Binance Australia’s local entity, Oztures Trading.

The ASIC had been conducting a review of Binance Australia’s financial services business in the country. This news was reported by the Sydney Morning Herald.

 

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Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.