Binance Australia has suspended Australian Dollar (AUD) fiat deposits, effective immediately.
In an email to customers, the world’s largest crypto exchange claims that “due to a decision made by our third party payment service provider”, it is unable to facilitate PayID deposits of AUD. Binance also says that bank transfer withdrawals “will also be impacted.” However, it says users can still buy or sell crypto with a credit or debit card.
The crypto exchange confirmed the suspension on Twitter.
In early April, the ASIC stripped Binance Australia of its financial services license. However, the crypto exchange’s top boss in Australia, Ben Rose, reassured readers that Binance is pushing to become fully compliant with regulations in Australia.
“We want to take advantage of the growth in the market to keep building our business here, and help Australians access the freedom of crypto,” Rose told us in an interview.
Binance History in Australia
Binance announced its expansion into the Australian market in July 2017. At that time, it provided a platform for Australian users to trade a variety of cryptocurrencies.
In July 2018, Binance partnered with a local fintech company named Banxa to introduce fiat-to-crypto trading services in Australia. This collaboration enabled Australian users to buy cryptocurrencies using Australian dollars (AUD) through various payment methods.
Binance launched Binance Lite Australia in March 2019. Binance Lite was designed as a cash-to-crypto service allowing users to purchase Bitcoin (BTC) with cash at supported newsagent stores across Australia.
The exchange obtained an Australian Business Number (ABN) and registered as a digital currency exchange with the Australian Transaction Reports and Analysis Centre (AUSTRAC), which is the country’s financial intelligence agency responsible for anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
In June 2021, Binance announced that it would cease offering futures, options, and leveraged tokens to Australian users. The decision was made in response to regulatory changes and increased scrutiny of cryptocurrency exchanges in the country.