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Binance's Australia Shake-Up: Are AUD Bank Transfers Gone For Good?

Published 02/06/2023, 15:37
Updated 02/06/2023, 16:40
© Reuters. Binance's Australia Shake-Up: Are AUD Bank Transfers Gone For Good?

Benzinga - Binance Australia announced it will halt Australian Dollar (AUD) bank transfers.

Consequently, trading pairs with AUD on Binance have been suspended as of June 1.

This move inhibits the ability of Binance users in Australia to make deposits or withdrawals in AUD through bank transfers.

For any transactions or withdrawals post-June 1, users are given the option to convert their AUD balances to Tether (CRYPTO: USDT), a popular stablecoin pegged to the U.S. dollar.

Despite the interruption in bank transfers, customers can still carry out their buying and selling activities using their credit or debit cards.

The Binance peer-to-peer marketplace will continue its operations unhindered, thereby providing an alternative avenue for transactions.

Also Read: No More Crypto Roller Coasters: Hong Kong's First Digital's Stablecoin Promises Smooth Ride

Binance Australia emphasized the discontinuation is temporary, as the platform is in active search for an alternate provider that would restore the AUD deposit and withdrawal services.

In the wake of potential concerns regarding fund security, Binance Australia assured its users that their assets are well-protected.

In recent days, there's been a notable discrepancy in the trading price of Bitcoin (CRYPTO: BTC) on Binance's Australian platform, with it falling almost 20% below the rates seen on competing exchanges.

This comes following the revocation of Binance Australia's derivatives license by the Australian Securities and Investments Commission (ASIC) in April, a decision initiated upon Binance's request.

Read Next: Red Bull Racing's Multimillion-Dollar Crypto Leap: Sui Blockchain Joins The Formula One Pit Crew

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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