Binance Australia recently announced suspending Australian Dollar (AUD) withdrawals and deposits through bank transfers. A third-party payment service provider influenced this decision. It followed a previous update on May 18, where Binance Australia stated that it would cease supporting AUD bank transfers via PayID.
To address this change, Binance Australia updated on May 22, stating that AUD services would still be available until June 1. Assuring its users, Binance tweeted that they could smoothly conduct withdrawals and trading activities despite the regulation changes.
The platform introduced the option to convert AUD balances to the stablecoin Tether (USDT), which is widely used and maintains its value tied to the US dollar. This conversion option ensures uninterrupted trading and withdrawal access for Australian users, while Binance actively searches for an alternative provider to fully reinstate AUD deposit and withdrawal services.
While the temporary inconvenience persists, Binance users in Australia can continue to purchase and sell cryptocurrencies using their credit or debit cards on the platform. Furthermore, Binance’s peer-to-peer (P2P) marketplace will operate as usual, allowing users to engage in P2P trading activities securely.
Binance addresses concerns about fund safety by assuring users that their assets are protected by the Secure Asset Fund for Users (SAFU). This insurance fund offers comprehensive protection during extreme situations, instilling confidence and peace of mind among Binance’s global user base.
As Binance actively seeks alternative solutions to reinstate full AUD deposit and withdrawal services, the exchange remains committed to user security and compliance. With temporary AUD to USDT conversions, Binance enables users to navigate the cryptocurrency landscape easily and confidently.
Binance continues to lead the industry, diligently working to meet the evolving needs of its users while upholding the highest standards of security and regulatory compliance.