The Australian division of the bitcoin exchange Binance announced the suspension of deposits in local dollars due to the actions of the payment service provider.
Fellow Binancians,
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. We understand from our third party payment service provider that Bank…
— Binance Australia (@BinanceAUS) May 18, 2023
According to the company, the PayID AUD instant bank transfer service, which is supported by over 100 institutions, has ceased to function. The company intends to find an alternative provider.
Platform users can withdraw funds in fiat, as well as buy and sell digital assets using Visa debit and credit cards. Binance P2P also continues to operate 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. Users are still able to buy and sell via debit and credit card. https://t.co/ReS6V7FbZu
— Binance Australia (@BinanceAUS) May 18, 2023
According to financial reviewCuscal is a partner of Binance.
On the same day, Westpac Bank banned customers from trading with Binance. The decision was made as part of measures to protect customers from fraud.
“Digital asset exchanges have a legitimate role to play. We have blocked access to some foreign sites that are most often used for fraud.”a spokesman for the bank said.
In April 2023, the Australian Securities and Investments Commission canceled the license of the local branch of the Binance crypto exchange for financial services. Until April 21st, Binance Australia Derivatives users were required to close all derivatives positions.
Earlier, the company announced the end of operations in Canada due to the tightening of requirements for trading platforms in the country.
As a reminder, March 27, 2023 CFTC filed a lawsuit against the bitcoin exchange and its CEO, Changpeng Zhao, alleging unregistered derivatives trading, providing services to US citizens and individuals under sanctions, and failing to comply with anti-money laundering regulations.
In response, the head of Binance said that the CFTC’s claims contain “an incomplete statement of the facts” and his company disagrees with the characteristics of many of the points. He later denounced “enforced crypto regulation” by supervisors.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!