Binance Aus suspends AUD fiat services, citing issues with third party

Cryptocurrency exchange Binance has suspended Australian dollar services as its local payment services provider has seemingly stopped support for the exchange.

On May 18, Binance tweeted that AUD PayID deposits and bank transfer withdrawals were suspended “due to a decision made by our third-party payment service provider.”

“We understand from our third party payment service provider that Bank Transfer withdrawals will also be impacted and we will advise users on timeline when this is confirmed,” it added.

Fellow Binancians,

We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank…

— Binance Australia (@Binance_AUS) May 18, 2023

Binance said it is now working to find an alternative provider to continue offering AUD deposits and withdrawals to its users.

The ability to buy and sell crypto using credit or debit cards is still available, it added.

— Liquidity Goblin (@liquiditygoblin) May 18, 2023

“Notably, you can still buy and sell crypto using credit or debit card and our Binance P2P marketplace will also continue to operate as usual. Rest assured that your funds are safe through the Secure Asset Fund for Users (SAFU), an insurance fund that offers protection to Binance users and their funds in the event of extreme situations,” it added.

This is a developing story, and further information will be added as it becomes available.