Binance Is Leaving Australia Now Because of Tough Policies

Key Points:

• Binance has announced that it would discontinue service for many BTC, AUD, and altcoin pairings on its spot trading platform.
• Earlier, on May 18, its Australia division said that it had “temporarily” discontinued Australian dollar services.
• This is considered the action of the exchange that is leaving the difficult market in Australia.

Binance, the world’s biggest centralized crypto trading venue and crypto exchange by trading volume, has announced the delisting of many crypto-to-AUD (Australian dollar) spot trading pairings on June 1.

Binance has announced that it would discontinue service for many BTC, AUD, and altcoin pairings on its spot trading platform.

According to an official notification made by the team on May 26, the ADA/AUD, AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, GALA/AUD, MATIC/AUD, SOL/AUD, and XRP/AUD pairings will be delisted on June 1, 2023, at precisely 06:00 (UTC).

Recently, the Australian branch of cryptocurrency exchange Binance faced a setback as the local platform lost access to several Australian dollar deposit services and warned of bank transfer withdrawal disruptions.

Binance Australia did not explain why it was prohibited or when the interim suspension of the service would be removed. Instead, the exchange said that it was looking for an alternative. It also recommended Binance Australia customers utilize its peer-to-peer marketplace instead.

According to the Australian Financial Review, Westpac Banking Corp, the country’s second-largest retail bank, has prohibited clients from trading with Binance.

It previously said that it had prohibited certain cryptocurrency payments in order to prevent losses due to fraud. It did not identify any exchanges or give any more information.

Binance’s Australian business has suffered a second setback in as many months after the loss of a financial services license in April due to a regulatory inquiry.

Binance’s payment provider is Cuscal, which did not particularly address Binance but said in a statement that it had strict due diligence, onboarding, and compliance criteria and that clients and merchants who do not satisfy those requirements will be cut off.

Australian banks have long prevented cryptocurrency-related firms from functioning in the country by refusing to provide them with local bank accounts, a practice known as de-banking.

Binance is the biggest exchange in the contentious digital-asset industry. A network of investigations has been launched into its worldwide operations and a US platform. Other digital-asset platforms in Australia have not yet reported a loss of access to local currency payment rails, according to the most recent developments.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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