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Binance, the world’s largest cryptocurrency exchange by volume, recently announced the discontinuation of 11 spot trading pairs for 11 cryptocurrencies. Interestingly, all the trading pairs involve the Australian Dollar (AUD), which is being interpreted as a direct consequence of an ongoing investigation initiated by the Australian Securities and Investments Commission (ASIC).
11 Trading Pairs to Be Removed
Binance has decided to discontinue 11 spot trading pairs for 11 cryptocurrencies as revealed in its recent announcement. According to the announcement from the crypto exchange, trading in the pairs ADA/AUD, AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, GALA/AUD, MATIC/AUD, SOL/AUD, and XRP/AUD will cease at 09:00 AM (Turkish Standard Time) on June 1st.
Trading in these pairs will be halted at 09:00 AM (Turkish Standard Time) on June 1st. Binance recommends its users to promptly update and/or cancel their orders and active trades in these pairs to avoid potential losses.
Turbulence Surrounding the Australian Dollar on Binance
There’s been quite a bit of turbulence surrounding the AUD on Binance for some time. All trading pairs that Binance plans to discontinue involve the AUD. This surge in activity traces back to regulatory hurdles faced by Binance Australia, the Australian branch of the crypto exchange.
Binance Australia has been under scrutiny by ASIC for its compliance with local regulations and operations. Observers suggest that Binance’s decision to remove AUD trading pairs is a strategic move in response to this investigation.
Not long ago, ASIC announced the cancellation of the Australian financial services license of Oztures Trading Pty Ltd, which operates in the country as Binance Australia Derivatives, at the company’s request. The cancellation of the license was a result of an ongoing investigation following ASIC’s discovery that the crypto exchange had incorrectly classified some individual investors as institutional ones.
