Binance Australia suspends AUD services due to third party issues
- Binance Australia has suspended deposits and withdrawals in Australian dollars (AUD).
- The cryptocurrency exchange blamed the comment on a decision made by the Australian payment service provider.
- Binance assured users that their funds are secured by the Safe Asset Fund for Users (SAFU).
Binance Australia has suspended Australian dollar (AUD) monetary services, including bank transfers, withdrawals and deposits. The Australian arm of the world’s largest cryptocurrency exchange has blamed a decision by the local payment service provider to suspend AUD cash services in the country.
According to a recent tweet from Binance Australia, the cryptocurrency exchange is currently unable to facilitate PayID AUD deposits for its users due to a decision made by the third-party payment service provider. Issues with the payment service provider have resulted in the suspension of bank transfers in Australian dollars including deposits and withdrawals.
Binance has informed its Australian users that it is working hard to secure an alternative payment service provider in the country to resume AUD fiat services for its clients. In the meantime, Binance users can continue to buy and sell crypto assets on the exchange using debit and credit cards. The B2B exchange market remains unaffected and functioning.
Binance assured its users that their funds are safe on the platform. In addition, the Australian cryptocurrency exchange affiliate reminded its users that their funds are insured by the Safe Asset Fund for Users (SAFU), which protects clients’ crypto assets in extreme cases.
A report by Financial Review confirmed that Sydney-based Westpac Bank is the Australian third party that has placed legal restrictions on Binance Australia clients. The bank stated that the restrictions were part of a series of fraud protection measures it is implementing to protect its customers.
Scott Colari, CEO of Customer Services and Technology at Westpac Group, revealed that restrictions are in place to protect users from scams. “Digital exchanges have a legitimate role to play in the financial ecosystem. But since the advent of digital currency, we have noticed that fraudsters are increasingly using offshore exchanges.”
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