Binance Australia provides update on withdrawals
Binance Australia has just provided an update regarding the withdrawal issues reported by its customers.
The company says it has confirmed with its local payment partner that its users can continue to withdraw AUD via bank transfer until 17:00 June 1, 2023 AEST. Users can still continue to buy and sell crypto via debit and credit card.
Binance Australia notes that it seeks to find an alternative provider to continue offering AUD deposits and withdrawals to its users.
Last week, the company issued the following message to its users:
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 Transfer withdrawals will also be impacted and we will advise users on timeline when this is confirmed.
We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users.
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.
Let’s recall that, on April 6, 2023, the Australian Securities and Investments Commission (ASIC) cancelled the Australian financial services licence held by Oztures Trading Pty Ltd trading as Binance Australia Derivatives. The licence cancellation was effected in response to a request to cancel received from Binance.
On May 18, 2023, shortly after Binance Australia confirmed there were withdrawal issues experienced by its customers, Westpac said it had commenced testing new customer protections for some cryptocurrency payments to reduce scam losses.