The popular crypto exchange Binance Australia has recently announced the discontinuation of Australian dollar (AUD) deposits and withdrawals via bank transfer. Alongside this, all AUD trading pairs have also been suspended. This comes as a result of the exchange facing regulatory hurdles in Australia earlier this year.
Despite these restrictions, Binance users in Australia are not left without options. They can still facilitate withdrawals and trading by converting their AUD to USDT. Additionally, they can continue buying and selling cryptocurrencies using credit or debit cards or by utilizing the Binance P2P marketplace.
In response to the suspension of AUD deposits and withdrawals by bank transfer, Binance Australia assured its users that their funds are safe, protected under the Secure Asset Fund for Users (SAFU) insurance fund. Furthermore, the exchange is actively seeking an alternative partner to continue offering AUD deposit and withdrawal services.
Moreover, the exchange is currently offering zero maker fees for users trading crypto through the Binance P2P marketplace, which will last until June 30. This promotion is applicable for various cryptocurrencies, including BNB, BTC, ETH, SHIB, ADA, and USDT.
The regulatory challenges Binance Australia faced began when the Australian Securities and Investments Commission (ASIC) canceled the derivatives license of the exchange in April. This led to the suspension of Australian dollar deposits after the loss of its Australian banking partner. The problems were exacerbated after ASIC initiated a probe against the exchange for mistakenly categorizing traders as wholesale investors.
Last week, panic ensued as Binance ceased all AUD trading pairs for Bitcoin and other cryptocurrencies. Users scrambled to sell their Bitcoin and other cryptocurrencies at significant discounts, with BTC price trading at a staggering $9,000 discount from the market price on Binance Australia.
While the suspension of AUD services and regulatory challenges may seem like a setback, the fact that Binance is actively working to find another partner and users still have alternative options for trading can be seen as a silver lining. It only goes to show that crypto exchanges, like Binance, must continually adapt to evolving regulatory landscapes while ensuring they provide the best services and security for their users.
Source: Coingape
