News

Just-In: Binance Australia Officially Ceases AUD Deposits And Withdrawals

Binance Australia officially ceased Australian dollar (AUD) deposits and withdrawals. Exchange also announced zero fee for P2P trading.
Published by
Just-In: Binance Australia Officially Ceases AUD Deposits And Withdrawals

Binance Australia on Thursday said it has officially ceased Australian dollar (AUD) deposits and withdrawals by bank transfer. The crypto exchange has also ceased all AUD trading pair.

However, Binance users in Australia can still facilitate withdrawals and trading by converting AUD to USDT. Users can buy and sell crypto using credit or debit cards or use the Binance P2P marketplace to continue trading their favorite virtual assets.

Advertisement

Binance Suspends AUD Deposits and Withdrawals by Bank Transfer

Binance Australia in a tweet on June 1 revealed that AUD deposits and withdrawals by bank transfer are officially halted. After being targeted by US regulators this year, Binance faced regulatory challenges in Australia.

Users can still buy and sell crypto using credit or debit cards, as well as using Binance P2P marketplace. Binance assured users that their funds are safe under the Secure Asset Fund for Users (SAFU) insurance fund. Meanwhile, the exchange is also working to find another partner.

“We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users.”

Binance announced offering zero maker fees in the AUD market when users trade crypto through Binance P2P marketplace until June 30. “Whether it’s BNB, BTC, ETH, SHIB, ADA, or USDT, trade with AUD and pay no fees! Offer runs until 30th June.”

Also Read: Binance CEO “CZ” On First Digital USD (FDUSD) Stablecoin Support On Exchange

Advertisement

Regulatory Challenges in Australia

Last week, Binance ceased all AUD trading pairs for Bitcoin and other cryptocurrencies. Users panicked to sell their Bitcoin and other cryptocurrencies at a massive discount. BTC price was trading at a $9k discount from the market price on Binance Australia.

The Australian Securities and Investments Commission (ASIC) canceled the derivatives license of Binance Australia in April. The exchange suspended Australian dollar deposits after it lost its Australian banking partner.

The problems started after the Australian Securities and Investments Commission (ASIC) began a probe against the exchange for mistakenly categorizing traders as wholesale investors.

Also Read: BTCUSDT Open Interest Tumbles Amid Coinbase-US IRS Debacle, Bitcoin Crash Imminent?

Advertisement

Share
Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple

Senate Democrats and Republican lawmakers have ended separate roundtable meetings focused on the Crypto Market…

October 23, 2025
  • News

How the Crypto Market Could React to the Next Fed Meeting on October 29?

The crypto market has, for a while now, been pricing a potential 25 basis points…

October 23, 2025
  • News

$1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP

Rowe Price has filed for its first actively managed crypto exchange-traded fund (ETF). It is…

October 22, 2025
  • News

Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions

Standard Chartered analyst Geoff Kendrick has predicted that the Bitcoin price could suffer a significant…

October 22, 2025
  • News

Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7

Crypto ownership is a topic that has been discussed across major forums globally in the…

October 22, 2025
  • News

Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%

Crypto exchange Robinhood has listed the Binance coin for spot trading for its U.S. customers.…

October 22, 2025