Binance Australia, the largest cryptocurrency exchange’s Australian branch, has ceased its fiat services for the Australian dollar (AUD) with immediate effect. The suspension was announced due to issues with its third-party service provider. This move will affect the deposits and withdrawals of AUD PayID for bank transfers.
Binance Halts AUD Deposits
On May 18th, Binance Australia took to Twitter to inform its users that they will no longer be able to make deposits using AUD PayID. Moreover, the decision was made by their third-party payment service provider.
As per a statement by a representative of Binance, individuals located in Australia are no longer able to deposit AUD via bank transfers. The spokesperson verified that this suspension is now in effect, although it is uncertain how long the withdrawal service will remain un-operational. Binance is presently seeking out a fresh provider to allow for AUD deposits and withdrawals for its users.
Furthermore, the representative said that purchasing and trading cryptocurrency with credit or debit cards is still possible, and the Binance P2P platform will remain fully functional. Additionally, users can feel secure knowing that their funds are protected by the Secure Asset Fund for Users (SAFU), an insurance fund designed to safeguard Binance users and their funds in the event of unforeseen circumstances.
Binance History of Fiat Services
Binance’s previous history with fiat services underscores their vulnerability to technical malfunctions and complications arising from third-party providers. In 2022, Binance had to suspend the deposit and withdrawal of all fiat currencies temporarily due to a technical issue.
The exchange informed this development to its customers on Twitter and promised to address the problem promptly. However, Binance refrained from disclosing additional details about the root cause of the problem or providing a specific timeline for its resolution.
Binance has also recently introduced new verification requirements for its fiat services. Users who choose to use the fiat service will need to submit their ID verification again. If users fail to pass the additional ID verification, Binance will temporarily suspend its services until the verification process is completed.