The world’s largest cryptocurrency exchange, Binance, announced the suspension of Australian dollar (AUD) services on its platform. Here are the details…
Binance suspends AUD trading
Binance Australia has announced that its local payment services provider has stopped supporting the exchange. For this, the Australian dollar notified users that it suspended its services. The decision was made in response to an issue caused by one of the third-party payment service providers. Binance Australia has informed its users that due to this issue, wire transfer withdrawals will be temporarily affected. However, the exchange assured its clients that it is actively seeking an alternative provider to ensure continuity of AUD deposits and withdrawals.
This development has caused concern among Binance users in Australia. However, the exchange noted that individuals can buy and sell cryptocurrencies using their credit or debit cards. Binance’s peer-to-peer (P2P) market will continue to operate normally. The platform emphasized that users’ refunds are safe and protected under the Secure Asset Fund for Users (SAFU).
This latest suspension comes after regulatory action taken by the country’s securities regulator. It is stated that Binance has voluntarily revoked its derivatives license in its Australian arm. However, the regulator reportedly started a review on Binance in February.
Stock exchange subject to scrutiny in Australia
The Australian cryptocurrency market has witnessed increased scrutiny from regulators in recent months. Authorities are implementing stricter regulations to ensure investors are protected and mitigate the potential risks associated with cryptocurrencies. As one of the biggest players in the industry, Binance has come under regulatory scrutiny in several jurisdictions, including the United States and the United Kingdom.
The latest development comes a month after the Australian securities regulator revoked Binance Australia Derivatives’ financial services license after reviewing Binance’s domestic operations. The shutdown is potentially affecting a significant amount of Australian crypto users and investors. Leigh Travers, then CEO of Binance Australia, claimed in an interview with The Sydney Morning Herald in December that the exchange had reached one million users. cryptocoin.com As we reported, according to Finder’s November 2022 research, it is estimated that around 3.3 million Australians own crypto.
The suspension of AUD services by Binance Australia is likely to have an impact on local traders and investors who rely on the platform for cryptocurrency transactions. Binance stated that it will inform its users about further developments related to the restart of AUD services. Meanwhile, Australian users are encouraged to use alternative methods such as credit or debit card transactions to continue their cryptocurrency activities on the platform.
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