In line with their previous announcement, Binance Australia has temporarily suspended Australian Dollar (AUD) deposits and withdrawals via bank transfer. The exchange confirmed this development on Thursday via twitter.
Starting from June 1, traders and investors in Australia may encounter difficulties in trading as Binance has suspended all Australian Dollar (AUD) trading pairs. To ensure smooth withdrawals and trading operations beyond this date, it is recommended to convert AUD balances to USDT.
Following an announcement made on May 18, Binance Australia revealed that their local payment service provider has ceased support, resulting in the temporary suspension of Australian Dollar PayID despites and bank transfer withdrawals.
Despite the challenges, Binance Australia is actively seeking an alternative provider to restore Australian Dollar services for its users. It’s worth noting that users can still engage in crypto transactions using credit or debit cards, and the Binance P2P marketplace will continue to operate normally.
As a reassurance to customers, Binance Australia emphasized the safety of funds through the Secure Asset Fund from Users (SAFU). This insurance fund provides protection to Binance users and their funds in extreme circumstances. The exchange remains steadfast in its commitment to delivering a seamless experience for its user base.
