Binance Australia Suspends AUD Services Due to Third Party Issues

  • The crypto exchange blamed the suspension on a decision made by its Australian payment service provider.
  • Binance has assured users that their funds are insured by the Secure Asset Fund for Users (SAFU).

Binance Australia has suspended fiat services for Australian Dollars (AUD), including bank transfers, withdrawals, and deposits. The Australian arm of the world’s largest crypto exchange blamed a decision made by its local payment service provider for the suspension of AUD fiat services in the country.

According to a recent tweet from Binance Australia, the crypto exchange is currently unable to facilitate PayID AUD deposits for its users due to a decision made by its third-party payment service provider. The issues with the payment service provider led to the suspension of AUD bank transfers including deposits and withdrawals.

Binance informed its Australian users that it was working hard to secure an alternative payment service provider in the country to resume AUD fiat services for its customers. In the meantime, Binance users can continue buying and selling crypto assets on the exchange using debit and credit cards. The exchange’s B2B marketplace remains unaffected and operational.

Binance assured its users that their funds were safe on the platform. Additionally, the crypto exchange’s Australian subsidiary reminded its users that their funds were insured by the Secure Asset Fund for Users (SAFU), which protects the customers’ crypto assets in extreme situations.

A report by Financial Review confirmed that Sydney-based Westpac Bank is the Australian third party that placed the fiat restrictions on Binance Australia’s customers. The bank stated that the restrictions were part of a series of scam protection measures that it is rolling out to protect its customers.

Scott Collary, Westpac Group’s chief executive of customer services and technology revealed that restrictions were placed to protect users from scams. “Digital exchanges have a legitimate role to play in the financial ecosystem. But since the rise of digital currency, we’ve noticed that scammers are increasingly using overseas exchanges,” he added.

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