Binance Australia suspends all bank services


Binance Australia has announced that Australian dollar services are currently suspended. The halt comes as a result of issues with the local payment provider Zepto.

According to the cryptocurrency exchange, the transactions with AUD including both deposits and withdrawals would be impacted by “a decision made by our third party payment service provider.”

Binance continued that users could still buy and sell cryptocurrency by using credit and debit cards. According to the announcement, users can alternatively use the P2P marketplace to work around a lack of cash deposits and bank transfers. The exchange also stated that it would be looking to find an alternative provider to maintain operations for its users. It also added that funds were going to be safe, despite the suspended services:

“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 halt in services comes following an issue that Binance Australia faced with regulators. In April, the Australian Securities Regulator reviewed Binance’s operations in Australia and cancelled the financial licence owing to issues of violating regulations.

The news comes just days after Binance pulled services from Canada owing to regulatory issues and restrictions, noting:

Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time. We put off this decision as long as we could to explore other reasonable avenues to protect our Canadian users, but it has become apparent that there are none.”

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