According to recent reports, Binance Australia, the cryptocurrency exchange, has suspended its Australian dollar AUD Fiat Services. This was due to a decision made by its third-party payment services provider, Zepto.
Binance Australia announced on May 18 that AUD PayID deposits were temporarily halted. Moreover, bank transfer withdrawals would also be impacted. The suspension of AUD deposits by bank transfer is effective immediately. However, the timeline for withdrawals remains uncertain.
Zepto, the payment services provider for Binance Australia, stated that it was instructed by its partner, Cuscal, to cease its support for Binance. However, Zepto also mentioned that it is working with Binance to assist them during this process.
Marketplace will continue to operate as usual
Binance Australia has stated that despite the suspension of AUD Fiat Services, users can still buy and sell cryptocurrencies using credit or debit cards. This means that users can continue to use these payment methods to trade cryptocurrencies on the Binance platform.
Additionally, Binance P2P (peer-to-peer) marketplace, which facilitates direct trading between users, will continue to operate as usual. The P2P marketplace allows users to buy and sell cryptocurrencies. This can be done using various payment methods agreed upon between the parties involved in the trade.
Moreover, Australian dollar deposits and bank transfer withdrawals are temporarily halted. Binance Australia is actively working to find an alternative payment services provider to restore these services.
In the meantime, users can still engage in crypto trading using credit or debit cards and utilize the Binance P2P marketplace for transactions.
Emphasis on user safety and cliams on resumption of AUD Fiat services
The exchange also emphasized the safety of user funds through the Secure Asset Fund for Users (SAFU). It is an insurance fund designed to protect Binance users and their funds in extreme situations.
Despite the announcement of the service suspension, it appears that Australian dollar deposits and withdrawals can still be conducted for the time being. Binance Australia is actively searching for an alternative provider to resume offering Australian dollar services to its users.
It’s worth noting that this suspension comes shortly after the Australian securities regulator canceled the financial services license of Binance Australia Derivatives. This was following its review of Binance’s local operations. The temporary halt of services potentially affects a significant number of Australian crypto users and investors.