Binance Australia Maintains AUD Withdrawals Despite Suspension of PayID AUD Deposits

Jessie A Ellis   May 17, 2023 22:58

Binance, the world's largest cryptocurrency exchange, has announced an immediate cessation of PayID AUD deposits and potential impacts on bank transfer withdrawals for its users. The unexpected decision follows an action taken by its third-party payment service provider.

In a recent tweet, Binance stated, "We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third-party payment service provider." The payment processor's decision also affects the bank transfer withdrawals, the timeline for which will be advised to the users once confirmed.

While the sudden stoppage may cause some disruptions for Australian users, Binance has made it clear that they are actively seeking a new payment service provider to resume the services swiftly. "We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users," the exchange said.

Despite this setback, Binance assured its customers that other transaction methods remain operational. Users can still purchase and sell cryptocurrencies using credit or debit cards. Additionally, the Binance P2P marketplace remains unaffected by this development and continues to operate as usual.

Most importantly, Binance highlighted that all users' funds are safe. The exchange guarantees protection through the Secure Asset Fund for Users (SAFU). SAFU is an insurance fund established by Binance to protect its users and their funds in extreme situations. 

Just now, Binance confirmed via a tweet that AUD withdrawals for its Australian users will continue as usual. 'We have confirmed with our local payment partner that our users can continue to withdraw AUD, and we will update with any further changes on timing as we know more,' the tweet stated.

Binance's recent announcement comes amid increasing regulatory scrutiny on cryptocurrency-related businesses in Australia.

On 6th April 2023, the Australian Securities and Investments Commission (ASIC) canceled the Australian Financial Services Licence of Oztures Trading Pty Ltd, which operates as Binance Australia Derivatives. This cancellation came into effect following a request from Binance the previous day.

This move signals a tightening regulatory environment for cryptocurrency businesses in Australia, posing new challenges for industry players like Binance.

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