According to a recently released statement, Binance Australia said it can no longer process Australian Dollar PayID deposits for users because of a “decision” made by a third-party payment provider.
Meanwhile, Binance Australia users will still be able to buy and sell crypto with a credit or debit card. In addition, the exchange's peer-to-peer (P2P) market operation is also not affected.
Currently, the exchange is continuing to look for an alternative provider to continue offering AUD deposits and withdrawals to users.
Fellow Binancians,
— Binance Australia (@Binance_AUS) May 18, 2023
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…
Reportedly, this outage comes a month after the exchange canceled its Derivatives license with the Australian Securities and Investments Commission (ASIC). At the time, the Australian financial regulator said it was XEM into Binance's financial services business in the country.
However, Binance Australia is not the only subsidiary of the cryptocurrency exchange that is struggling to find new banking partners. Earlier this year, Binance also had to suspend bank transfer services in US Dollars and British Pounds for new users.
Since the collapse of FTX in November 2022 and the recent outbreak of the banking crisis, financial regulators around the world have increased their regulatory oversight of related activities. to cryptocurrencies in their jurisdiction. This move has put a lot of pressure on the major crypto companies in the world, especially with Binance or Coinbase.
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