Binance Australia ASIC

Binance Australia Suspends AUD Deposits & Withdrawals With ‘Immediate Effect’

Disclaimer This article is for general information purposes only and isn’t intended to be financial product advice. You should always obtain your own independent advice before making any financial decisions. The Chainsaw and its contributors aren’t liable for any decisions based on this content.

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.