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Binance Australia Suspends AUD Bank Transfers

Published:

Binance Australia announces a temporary suspension of its Australian Dollar payments blaming 3rd party payment providers.

Binance Australia stopped its AUD service due to payment method glitches.

Notably, Binance Australia’s local payment service provider stopped backing the exchange.

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More Details about the Story

According to the exchange’s Twitter post on May 18, Binance will temporarily suspend the AUD PayID deposits and wire transfer withdrawals.

The exchange showed regret over this latest development.

It assured users of looking for alternate service providers to bring back the AUD deposits and withdrawals.

But in the meantime, users in Australia can still use their debit or credit cards to buy and sell.

The exchange further reiterated that its peer-to-peer marketplace will continue to transact as usual.

Crypto Firms Struggles With Banking Issues

Binance Australia continually finds it difficult to maintain fiat on-ramps. Moreover, Binance-rival Crypto.com is also facing banking issues.

As a result, its United States dollar deposit operations face risks after the Silvergate Bank failure, the Metropolitan Bank’s departure from cryptocurrency and the seizure of former partner Transactive Systems’ Euro accounts.

All these challenges threatened the liquidity of the exchange.

For most of the customers of Crypto.com, making deposits through credit or debit cards is expensive.

However, it seems to be the only way they can transact business in the meantime.

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How Is Binance Handling the Situation

The crypto exchange found ways to reassure its users.

It reminded the users that their funds are protected through the SAFU (Safe Assets for Users Facility).

The work of SAFU is to operate as an insurance fund.

It protects Binance users’ funds in the case of extreme situations or unforeseen circumstances.

This situation of Binance suspending its AUD services reveals the problems cryptocurrency exchanges face in rendering seamless and reliable payment services.

The reliance on 3rd party providers can result in failures and vulnerabilities, which is depicted in this case.

However, the eagerness and quick response of Binance to look for an alternative measure to solve the problem demonstrates its commitment to solving the issue and minimizing the effect on its users.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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