Binance Australia has provided an update on its ongoing local payments situation, confirming that AUD withdrawals via bank transfers will be allowed until 1 June 5 pm (AEST).
Meanwhile, the Australian subsidiary of the cryptocurrency exchange giant is looking for an “alternative provider to continue offering AUD deposits and withdrawals to our users.”
UPDATE – We have confirmed with our local payment partner that our users can continue to withdraw AUD via bank transfer until 17:00 June 1, 2023 AEST. Users can still continue to buy and sell crypto via debit and credit card.
We are working hard to find an alternative provider…
— Binance Australia (@Binance_AUS) May 22, 2023
The update came as Binance Australia announced the suspension of AUD deposits last week following the troubles it faced with its local payment provider. Though withdrawals were allowed then, the exchange was unsure when they would be suspended.
“We have confirmed with our local payment partner that our users can continue to withdraw AUD, and we will update with any further changes on timing as we know more,” Binance stated earlier.
However, crypto purchasing and selling services on Binance Australia with debit and credit cards were unaffected.
“Rest assured that your funds are safe through the Secure Asset Fund for Users (SAFU), an insurance fund that offers protection to Binance users and their funds in the event of extreme situations,” the latest tweet of Binance Australia stated.
Bank Hostility Is Back
Though Binance Australia did not name its existing local payments partner, Westpac Bank confirmed on the same day that it suspended its customers from making payments to the crypto exchange. It came as a more significant push by the bank for protection against scams.
Despite the meteoric rise of crypto exchanges like Binance, they still face banking troubles. Traditional banks often hesitate to provide services to crypto exchanges with a negative regulatory stigma towards the industry.
Binance is also facing banking troubles in the US. After the collapse of its two banking partners, Signature Bank, and Silvergate Bank, the crypto exchange is now looking for a direct banking partner in the country. In the meantime, it provides fiat-based services with at least one intermediary banking partner.
Binance also confirmed the regulatory challenges in the US and also exited Canada. The exchange is now considering establishing itself in the United Kingdom.
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