Binance Australia banking service

Binance, the world’s largest cryptocurrency exchange, announced on Thursday that its Australian division is facing disruptions in deposit and withdrawal services due to a third-party service provider severing its connection. The exchange stated on social media that users would no longer be able to make Australian dollar deposits through bank transfers, and it did not specify when the withdrawal services would be affected.

In response to the situation, Binance stated that it is actively searching for an alternative provider to ensure the continuity of Australian dollar deposits and withdrawals. However, the payments provider Cuscal, which terminated its services to Binance, did not immediately provide a comment regarding the matter.

According to the Australian Financial Review, Westpac Banking Corp, the country’s second-largest retail bank, has reportedly barred customers from transacting with Binance. When contacted for a response, Westpac was not immediately available for comment. The bank previously mentioned that it had implemented restrictions on certain cryptocurrency payments to mitigate losses resulting from scams, without specifying the exchanges or providing further details.

This recent disruption is the second setback faced by Binance’s Australian operations in as many months. In April, the company surrendered its financial services license amid an ongoing regulatory investigation. Binance is currently contending with regulatory challenges and investigations worldwide. In March, the U.S. Commodities Futures Trading Commission (CFTC) filed a lawsuit against Binance and its founder, Changpeng Zhao, accusing them of operating an “illegal” exchange.

Despite the disruptions in deposit and withdrawal services, Binance assured customers that transactions can still be conducted using credit or debit cards.

Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.

Contact us