Binance halts some services for Australian users, cites external payment provider

Singapore – Crypto exchange Binance Australia stopped some Aussie dollar deposit services and warned bank transfer withdrawals will also be affected, citing the decision of an external payments provider.

Binance Australia told customers on Thursday afternoon that they would no longer be able to deposit funds onto the exchange via PayID, a popular local instant payment method. The withdrawal of Australian dollars to bank accounts has also been halted.

The company said it will provide an update on the impact on bank transfer withdrawals pending further confirmation.

“We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users,” Binance Australia said.

In April, the Australian Securities and Investments Commission cancelled Binance’s licence for its derivatives business in the country as it conducts a review of the group’s local operations.

Binance’s global business and a United States platform are the subject of a web of probes.

The US Commodity Futures Trading Commission

sued Binance and its chief executive officer

Zhao “CZ” Changpeng for allegedly violating derivatives regulations and accused the firm of having “sham” compliance procedures. Binance has called the lawsuit “unexpected and disappointing”. BLOOMBERG