Binance Australia Now Officially Stopped Supporting AUD Through Bank Transfers

Key Points:

• Binance Australia regretfully informed its users about discontinuing Australian Dollar (AUD) deposits and withdrawals through bank transfers.
• Effective June 1, all AUD trading pairs have ceased.
• However, the exchange suggests converting AUD balances to USDT for withdrawals and trading activities.

Binance Australia has officially confirmed that Australian users will no longer be able to deposit and withdraw Australian dollars (AUD) through bank transfers.

From June 1, the exchange has halted all AUD trading pairs. Users may change their Australian dollar balance into USDT to ease withdrawal and trading operations after June 1. Customers may still purchase and trade cryptocurrencies using credit or debit cards, and Binance Australia’s P2P marketplace will continue to function normally. Moreover, Binance Australia is exploring other suppliers to continue accepting AUD deposits and withdrawals.

Notwithstanding these changes, Binance Australia is dedicated to offering other ways for users to participate in crypto transactions and to ensuring the protection of user money via the Safe Asset Fund for Users (SAFU).

Binance Australia, one of the region’s largest cryptocurrency exchanges, has released a significant statement on adjustments to its services. The platform previously regretted notifying its consumers that AUD deposits and withdrawals by bank transfer would no longer be possible as of June 1.

PayID deposits in Australian dollars have been blocked owing to third-party payment providers, bank transfer withdrawals will also be impacted, and attempts are being made to locate alternative suppliers, according to Binance’s Australian affiliate. According to AFR, Westpac Bank has barred clients from trading on Binance and is testing new crypto payment safeguards to avoid fraud losses.

While Binance resists regulatory inquiries, Australian customers quickly liquidate their crypto at a lower price than competitor exchanges.

Binance Australia has decided to discontinue all AUD trading pairs, marking a shift in the exchange’s operational emphasis. Users may, however, continue to conduct crypto transactions using credit or debit cards, assuring uninterrupted access to digital assets.

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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