Binance Australia Stops AUD Bank Transfers as Search for Payment Partner Drags On

Customers can still buy and sell crypto using credit and debit cards after the halt, which was announced last month.

AccessTimeIconJun 2, 2023 at 8:31 a.m. UTC

Binance Australia halted Australian dollar (AUD) deposits and withdrawals by bank transfer as announced last month, the exchange said on Thursday.

On May 18, Binance Australia said it would no longer facilitate AUD bank transfers using PayID "due to a decision made" by the third-party payment service provider. A May 22 update said the services will continue until June 1.

The latest tweet said Binance Australia users can still buy and sell crypto using credit or debit cards, and that it is "working hard to find an alternative provider."

For the past few days, bitcoin (BTC) has been trading at nearly a 20% discount on Binance’s Australia arm, compared with rival exchanges.

In April, after a request from Binance, the Australian Securities and Investments Commission (ASIC) canceled Binance Australia's derivatives license.

Edited by Sheldon Reback.


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Amitoj Singh

Amitoj Singh is CoinDesk's regulatory reporter covering India. He holds BTC and ETH below CoinDesk's disclosure threshold of $1,000.

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