Binance Australia Suspends AUD Fiat Deposits

Crypto News: Australian arm of the world’s biggest crypto exchange, Binance on Thursday informed that it has suspended Australian dollar (AUD) services with an immediate effect. It cited that the problem occurred due to a decision taken by one of their third party payment service providers.

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Binance AUS Users On Alert

Binance Australia mentioned that its third party payment service provider has stated that bank transfer withdrawals will also be impacted for the time being. However, the crypto exchange tried to assure the users that its working hard to find an alternative provider in order to continue AUD deposits and withdrawals.

According to the announcement, Australian users can still buy and sell digital currencies using their credit or debit card. Binance reassured that its P2P marketplace will continue to operate as usual, while the rest of the refunds are safe (SAFU). Read More Crypto News Here…

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It is important to note that this suspension comes in after the Australian securities regulator took harsh action against Binance Australia. However, it was reported that the crypto exchange’s derivatives license was canceled at the crypto exchange’s own request. Meanwhile, the watchdog had already launched a review of Binance in February.

Binance is on a spree of receiving regulatory scrutiny over recent months. The Commodity Futures Trading Commission (CFTC) announced filing a civil enforcement action charging Changpeng Zhao and three entities that operate the Binance platform. This involves numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations.