Binance Australia, the Australian arm of the giant cryptocurrency exchange Binance, which has been under pressure from regulators in various jurisdictions, made a shocking announcement for its users. According to the statement made by Binance Australia, the Australian dollar deposit and withdrawal transactions have been suspended, citing a decision made by their third-party payment service provider.
Binance Australia
In a statement made in the early hours by Binance‘s Australian arm, Binance Australia, it was stated: “We regret to inform you that due to a decision made by our third-party payment service provider, we have had to immediately suspend PayID Australian dollar deposit transactions for Binance users. We understand that withdrawal transactions via bank transfer from our third-party payment service provider will also be affected and we will inform you about the schedule when we receive confirmation. We are working to find an alternative payment provider for the continuation of Australian dollar deposit and withdrawal transactions for our users.”
The announcement also noted that Binance Australia users can continue to buy and sell cryptocurrencies using a credit card or bank card and they can also trade cryptocurrencies using the Binance P2P market.
This development surrounding Binance‘s Australian branch happened following the stringent measures taken by the Australian securities regulator against Binance Australia. The regulator had announced a short while ago that the cryptocurrency exchange’s derivative license was cancelled at the request of the cryptocurrency exchange itself.
SAFU Emphasis
However, in the announcement, it was stated: “You can be assured that your funds are safe through the Secure Asset Fund for Users (SAFU), which is an insurance fund providing protection to Binance users and their funds in extraordinary situations.”
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