NewsletterBreaking: Binance Ceases Australian Dollar (AUD) Trading Pairs For Bitcoin And Other Crypto
The world’s largest crypto exchange Binance on Friday said it will remove other AUD trading pairs from the exchange after recently ending support for many cryptocurrencies against AUD trading pairs. The move comes as Binance lost its banking partner in Australia after recent regulatory challenges in the country.
Binance To Cease Crypto Trading on AUD Trading Pairs
According to an official announcement on May 26, crypto exchange Binance will remove and cease trading on several spot trading pairs for several top crypto. These include Bitcoin, Ethereum, Dogecoin, XRP, Cardano, Solana, and MATIC.
Binance to end support for ADA/AUD, AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, GALA/AUD, MATIC/AUD, SOL/AUD, XRP/AUD from June 1 at 6:00 UTC. The exchange continues to cease trading against Australian dollar (AUD).
Binance will terminate its Trading Bots service for these pairs. However, users can continue to trade these top crypto against other trading pairs on the platform.
On May 24, Binance removed 8 trading pairs against AUD, potentially starting to end the fiat support after recent challenges faced in Australia.
Also Read: Ethereum Balance On Crypto Exchanges Fell 5-Yr Low, ETH Price To Rise Or Fall?
Binance Facing Challenges in Australia
Binance started facing troubles in Australia after the Australian Securities and Investments Commission (ASIC) started a probe against the exchange for mistakenly categorizing traders as wholesale investors.
Last week, the exchange suspends Australian dollar deposits after it loses Australian banking partner. The AUD deposits and withdrawals faced problems.
The trading volume on Binance fell massively amid regulatory crackdowns by several regulators. Binance CEO CZ responded that the exchange is facing intense scrutiny after the FTX collapse. The trading volume has failed to pick pace with TUSD stablecoin.
Also Read: Best Crypto Exchange Affiliate Programs In 2023
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