Binance Australia has provided an update on the status of ongoing domestic payments, confirming that withdrawals of Australian dollars via bank transfers will be allowed until June 1 5pm (AEST).
Meanwhile, the cryptocurrency exchange giant’s Australian subsidiary is looking for “an alternative provider to continue offering Australian dollar deposits and withdrawals to our users.”
Update – We have confirmed with our local payment partner that our users can continue to withdraw AUD by bank transfer until 17:00 on 1st June 2023 AEST. Users can still continue to buy and sell cryptocurrencies via debit and credit card.
We are working hard to find an alternative provider…
– Binance Australia (Binance_AUS) May 22, 2023
The update came as Binance Australia announced it was suspending Australian dollar deposits last week after problems it encountered with the local payment provider. Although withdrawals were allowed, the exchange wasn’t sure when they would be suspended.
Binance previously stated: “We have confirmed with our local payment partner that our users can continue to withdraw AUD, and we will update any further changes in the timing as we know more.”
However, services for buying and selling cryptocurrencies on Binance Australia using debit and credit cards were not affected.
“Rest assured that your funds are safe with the Safe Asset Users Fund (SAFU), an insurance fund that provides protection for Binance users and their funds in the event of difficult situations,” reads the latest tweet from Binance Australia.
The bank runner is back
Although Binance Australia did not name its current local payment partner, Westpac Bank confirmed on the same day that it had stopped its customers from making payments to the cryptocurrency exchange. This came as a more significant push by the bank to protect against fraud.
Despite the rapid rise of cryptocurrency exchanges such as Binance, they still face banking problems. Traditional banks are often reluctant to offer cryptocurrency exchange services with a negative regulatory stigma towards the industry.
In addition, Binance is facing banking problems in the United States. After the collapse of its banking partners, Signature Bank, and Silvergate Bank, the cryptocurrency exchange is now looking for a direct banking partner in the country. In the meantime, it provides securities-based services with at least one intermediary banking partner.
Moreover, Binance confirmed the regulatory challenges in the US and exited Canada. Now, the exchange is considering establishing itself in the UK.
rename BUX Zero; XTB MENA adds stock trading; Read today’s news snippets here.
Binance Australia has provided an update on the status of ongoing domestic payments, confirming that withdrawals of Australian dollars via bank transfers will be allowed until June 1 5pm (AEST).
Meanwhile, the cryptocurrency exchange giant’s Australian subsidiary is looking for “an alternative provider to continue offering Australian dollar deposits and withdrawals to our users.”
Update – We have confirmed with our local payment partner that our users can continue to withdraw AUD by bank transfer until 17:00 on 1st June 2023 AEST. Users can still continue to buy and sell cryptocurrencies via debit and credit card.
We are working hard to find an alternative provider…
– Binance Australia (Binance_AUS) May 22, 2023
The update came as Binance Australia announced it was suspending Australian dollar deposits last week after problems it encountered with the local payment provider. Although withdrawals were allowed, the exchange wasn’t sure when they would be suspended.
Binance previously stated: “We have confirmed with our local payment partner that our users can continue to withdraw AUD, and we will update any further changes in the timing as we know more.”
However, services for buying and selling cryptocurrencies on Binance Australia using debit and credit cards were not affected.
“Rest assured that your funds are safe with the Safe Asset Users Fund (SAFU), an insurance fund that provides protection for Binance users and their funds in the event of difficult situations,” reads the latest tweet from Binance Australia.
The bank runner is back
Although Binance Australia did not name its current local payment partner, Westpac Bank confirmed on the same day that it had stopped its customers from making payments to the cryptocurrency exchange. This came as a more significant push by the bank to protect against fraud.
Despite the rapid rise of cryptocurrency exchanges such as Binance, they still face banking problems. Traditional banks are often reluctant to offer cryptocurrency exchange services with a negative regulatory stigma towards the industry.
In addition, Binance is facing banking problems in the United States. After the collapse of its banking partners, Signature Bank, and Silvergate Bank, the cryptocurrency exchange is now looking for a direct banking partner in the country. In the meantime, it provides securities-based services with at least one intermediary banking partner.
Moreover, Binance confirmed the regulatory challenges in the US and exited Canada. Now, the exchange is considering establishing itself in the UK.
rename BUX Zero; XTB MENA adds stock trading; Read today’s news snippets here.