The Australian arm of Binance, the largest crypto exchange by trading volume, has suspended Australian dollar (AUD) deposits and withdrawals through bank transfer, citing that the local payments services provider, Zepto, stopped supporting the exchange.
The move has mainly affected the transactions made through PayID.
- A PayID is a memorable piece of information unique to the user, such as the mobile number or email address, used to receive payments by linking to the bank account.
- The AUD deposits through PayID were immediately halted following the announcement.
- However, AUD withdrawals will remain available for an unknown period, and Binance will inform users of the timeline when it is confirmed.
- The popular crypto exchange said it has started looking for an alternative third-party service provider in Australia to continue offering the suspended services.
- Users will be able to continue to purchase and sell crypto using their credit or debit cards.
- Both Binance and Zepto emphasized that all customer funds are safe.
- The move came nearly one and a half months after Binance permanently halted the operations of its Australian Derivatives unit.
- The halt stemmed from the cancellation of the unit's financial services license by the Australian Securities and Investments Commission (ASIC), the country's financial regulator.
- Shortly before the decertification, ASIC launched a targeted review of Binance over the concerns around the exchange's Australia Derivatives business' classification of retail and wholesale clients in the country.