Binance Australia Halts AUD Fiat Deposits

[Coinpedia Fintech News]

Australian arm of the world's largest crypto exchange, Binance, has suspended its Australian dollar (AUD) services due to a decision made by a third-party payment service provider.

Bank transfer withdrawals are also expected to be affected temporarily. However, Binance is actively seeking an alternative provider to resume AUD deposits and withdrawals. Users can still use credit/debit cards for buying and selling cryptocurrencies, and the P2P marketplace will operate as usual. The suspension follows regulatory actions against Binance Australia, including the cancellation of its derivatives license.

Binance has been under increased regulatory scrutiny globally, with the US CFTC filing a civil enforcement action against the platform and its CEO, Changpeng Zhao, for alleged violations.