Cryptocurrency exchange Binance Australia has told users it has suspended Australian dollar operations after local payments operator Zepto stopped supporting the exchange.
On May 18, Binance Australia tweeted that PayID Australian dollar deposits have been suspended and wire transfer withdrawals will also be affected “due to a decision made by a third party payment service provider”.
“We understand from other payment providers that we are also affected by the removal of wire transfers and we will update the users in time when approved,” he said. “AUD payments via wire transfer are no longer available for Binance users in Australia”, a Binance spokesperson confirmed in a statement to Cointelegraph, reiterating that the suspension is effective immediately, although withdrawals are still open for unknown time. .
Binance said it is currently working on finding another provider to continue offering Australian dollar deposits and withdrawals to its users. The ability to buy and sell crypto using a credit or debit card is still available, he added.
A Zepto spokesperson told Cointelegraph that it is “processing payments for Binance Australia.”
“Our partner, Cuscal, told us to remove Binance”, added Zepto. “We are currently working with Binance to support them through this process.”
Obviously, you can still buy and sell crypto using a credit or debit card and our Binance P2P market will continue to operate as usual. Make sure your money is safe with the Secure Asset Fund for Users (SAFU), an insurance fund that provides protection for Binance users and their money in extreme situations,” he added. Despite the announcement, deposits and deposits in Australian dollars still appear to be made at this time. Australian Cointelegraph users can deposit small amounts of AUD using PayID and withdraw the exchange to an Australian bank account in a timely manner. The suspension comes a month after Australia’s securities regulator revoked Binance Australia Derivatives’ financial services license after investigating Binance’s local operations.
The closure of the service could affect a large number of crypto users and investors in Australia. In a December interview with the Sydney Morning Herald, Leigh Travers, then CEO of Binance Australia, said that the exchange had reached one million users.
It is estimated that around 3.3 million Australians own crypto, according to a November 2022 survey from Finder.
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