Binance Australia, a prominent cryptocurrency exchange, has temporarily suspended its Australian Dollar (AUD) services, including withdrawals and deposits. The decision to suspend AUD fiat services was prompted by a choice made by the exchange's local payment service provider.
In a recent announcement on Twitter, Binance Australia acknowledged that it is currently unable to process PayID AUD deposits due to issues with its third-party payment service provider. Consequently, AUD bank transfers, including withdrawals and deposits, have been affected.
To address the situation, Binance is actively seeking an alternative payment service provider to restore AUD fiat services for its Australian users. In the meantime, customers can still engage in buying and selling cryptocurrencies using debit and credit cards on the exchange. Binance's B2B marketplace remains unaffected and continues to operate normally.
Emphasizing the safety of users' funds, Binance reassured its customers that their assets on the platform are secure. The exchange's Australian subsidiary highlighted the protection provided by the Secure Asset Fund for Users (SAFU), which safeguards customers' crypto assets in extreme scenarios.
According to a report from Financial Review, Westpac Bank, based in Sydney, is the third party responsible for imposing the fiat restrictions on Binance Australia's users. The bank cited the need to protect its customers from scams as the motive behind these measures.
Westpac Group's Chief Executive of Customer Services and Technology, Scott Collary, recognizes the important role of digital exchanges in the financial ecosystem. In light of the growing prevalence of digital currency scams through overseas exchanges, Collary emphasized the need for protective measures to safeguard customers, leading the bank to take action.
As Binance Australia addresses the third-party issues and works towards restoring AUD services, the exchange maintains its unwavering dedication to delivering a secure and dependable platform for cryptocurrency transactions in Australia.
