Cryptocurrency News & Updates

Binance suspends AUD fiat deposit service in Australia

Binance Exchange confirmed that the third-party payment service provider is not able to provide services, so AUD deposits will be unavailable. 

Binance is a top-ranked crypto firm, providing crypto trading services globally. In Australia, Binance provides crypto trade services via Binance Australia. 

On 18 May 2023, Binance Australia announced that Australian Dollar (AUD) deposits will remain unavailable on the platform because Binance’s AUD PayID deposits have been suspended, so bank withdrawal will also not be available. 

To tackle this situation, Exchange is trying hard to get banking service from another third party but it is still unconfirmed how much time this exchange will take to bring the AUD fiat deposit services back to the line.

Fiat deposit on the platform is not fully suspended, as customers can deposit via P2P trade method & also can easily use Credit & Debit card payment methods.

The majority of the Binance customers noted that PayID was a better option for them because that was Instant & free to deposit funds. 

A few crypto Twitter users noted that the situation for the crypto companies is now the same in Australia, like the US & EU.  In the last few months, the majority of the Crypto companies failed to get banking services in the EU & US. Now the same situation seems to have occurred in Australia also. 

However, no reports from any crypto firms alleged that they are facing problems getting banking services but before 2022, many crypto firms alleged that Banks froze their accounts, despite being legally able to use banking services fully.

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