Binance’s Australian subsidiary has suspended services for the Australian dollar as the local payment service provider has stopped supporting the cryptocurrency exchange service.
According to a tweet Thursday morning, Binance confirmed that deposit services with PayID AUD have ceased “due to a decision made by a third-party payment service provider.”
Binancians Fellowship,
We regret to inform you that we are immediately unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from the third party payment service provider that the bank …
– Binance Australia (Binance_AUS) May 18, 2023
Although withdrawals are working for the time being, Binance expects disruption to bank transfer withdrawals. However, it is not known to the exchange when the withdrawal support will stop. the exchange
exchange
An exchange is known as the market that supports the trading of derivatives, commodities, securities and other financial instruments, the exchange is generally accessible through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
An exchange is known as the market that supports the trading of derivatives, commodities, securities and other financial instruments, the exchange is generally accessible through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
Read this term Now looking for an alternative payment service provider in Australia.
“We understand from our third-party payment service provider that bank transfer withdrawals will also be affected, and we will advise Users of a schedule when this is confirmed,” Binance added.
“You can still buy and sell cryptocurrencies with a credit or debit card, and the Binance P2P marketplace will also continue to operate as usual.”
Banks are moving away from cryptocurrency, again
Westpac, a major banking institution, has blocked its customers from making payments to Binance. According to the bank, this step came as a precautionary measure against fraud.
“Digital exchanges have a legitimate role to play in the financial ecosystem. But since the advent of digital currency, we’ve noticed that fraudsters are increasingly using offshore exchanges,” said Scott Colari, executive director of customer services and technology group Westpac. “Often our customers only find out they’ve been scammed after the money leaves the country, which makes recovery very difficult. A trial of our new security measures will better protect customers from fraud.”
Moreover, the US subsidiary of Binance is said to be facing baking problems after the collapse of its banking partners, Signature Bank and Silvergate Bank. Although not officially confirmed, the US arm of the cryptocurrency exchange uses the services of at least one intermediary bank to hold cash deposits from cryptocurrency traders on the platform. However, the services of an intermediary bank rather than a direct banking partner slows down exchange services for clients such as deposits and withdrawals in US dollars.
The latest issue with Binance’s operations in Australia is not the first in the country. In April, Binance Australia Derivatives, operated by Ozachi Trading Pty Ltd, lost its Australian Financial Services (AFS) license. Although the license was revoked at the exchange’s request, its derivatives operations came under scrutiny after 500 users were misclassified as “wholesale investors”.
Binance’s Australian subsidiary has suspended services for the Australian dollar as the local payment service provider has stopped supporting the cryptocurrency exchange service.
According to a tweet Thursday morning, Binance confirmed that deposit services with PayID AUD have ceased “due to a decision made by a third-party payment service provider.”
Binancians Fellowship,
We regret to inform you that we are immediately unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from the third party payment service provider that the bank …
– Binance Australia (Binance_AUS) May 18, 2023
Although withdrawals are working for the time being, Binance expects disruption to bank transfer withdrawals. However, it is not known to the exchange when the withdrawal support will stop. the exchange
exchange
An exchange is known as the market that supports the trading of derivatives, commodities, securities and other financial instruments, the exchange is generally accessible through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
An exchange is known as the market that supports the trading of derivatives, commodities, securities and other financial instruments, the exchange is generally accessible through a digital platform or sometimes at a physical address where investors organize to perform trading. Among the main responsibilities of the stock exchange is to support honest and fair trading practices. These are useful in ensuring that the distribution of subsidized security rates on this exchange is effective
Read this term Now looking for an alternative payment service provider in Australia.
“We understand from our third-party payment service provider that bank transfer withdrawals will also be affected, and we will advise Users of a schedule when this is confirmed,” Binance added.
“You can still buy and sell cryptocurrencies with a credit or debit card, and the Binance P2P marketplace will also continue to operate as usual.”
Banks are moving away from cryptocurrency, again
Westpac, a major banking institution, has blocked its customers from making payments to Binance. According to the bank, this step came as a precautionary measure against fraud.
“Digital exchanges have a legitimate role to play in the financial ecosystem. But since the advent of digital currency, we’ve noticed that fraudsters are increasingly using offshore exchanges,” said Scott Colari, executive director of customer services and technology group Westpac. “Often our customers only find out they’ve been scammed after the money leaves the country, which makes recovery very difficult. A trial of our new security measures will better protect customers from fraud.”
Moreover, the US subsidiary of Binance is said to be facing baking problems after the collapse of its banking partners, Signature Bank and Silvergate Bank. Although not officially confirmed, the US arm of the cryptocurrency exchange uses the services of at least one intermediary bank to hold cash deposits from cryptocurrency traders on the platform. However, the services of an intermediary bank rather than a direct banking partner slows down exchange services for clients such as deposits and withdrawals in US dollars.
The latest issue with Binance’s operations in Australia is not the first in the country. In April, Binance Australia Derivatives, operated by Ozachi Trading Pty Ltd, lost its Australia Financial Services (AFS) license. Although the license was revoked at the exchange’s request, its derivatives operations came under scrutiny after 500 users were misclassified as “wholesale investors”.
