Binance Australia Stops Accepting AUD Deposits and Withdrawals, Introduces Free P2P Trading
Binance Australia has stopped accepting Australian dollar (AUD) deposits and withdrawals through bank transfers. They have also discontinued all AUD trading pairs.
However, users in Australia can still withdraw and trade by converting AUD to USDT. They can purchase and sell cryptocurrencies using credit or debit cards or utilize the Binance P2P marketplace for trading virtual assets.
Binance puts a halt to AUD deposits and withdrawals via bank transfers
Binance Australia announced on June 1 that they have stopped AUD deposits and withdrawals through bank transfers. This decision comes after Binance faced regulatory issues in Australia and scrutiny from US regulators.
However, users can still purchase and sell cryptocurrencies using credit or debit cards and the Binance P2P marketplace. Binance assured users that their funds are secure under the SAFU insurance fund.
Additionally, the exchange is actively seeking an alternative partner to resume AUD deposits and withdrawals for users.
Binance has announced that they will waive maker fees for trades made in the AUD market on their P2P marketplace until June 30. This means that users can trade cryptocurrencies like BNB, BTC, ETH, SHIB, ADA, or USDT with AUD and not have to pay any fees. The offer is valid until the end of June.
Regulatory issues in Australia
Last week, Binance stopped offering Australian dollar (AUD) trading pairs for Bitcoin and other cryptocurrencies. This caused panic among users who wanted to sell their Bitcoin and other cryptocurrencies, resulting in a significant price drop. Bitcoin was being traded at a discount of $9,000 compared to the market price on Binance Australia.
In April, the Australian Securities and Investments Commission (ASIC) revoked Binance Australia’s license for derivatives trading. As a result, the exchange had to suspend AUD deposits after losing its banking partner in Australia.
Also Read This Related: Binance Australia Fiat Ramp Closure Leads to Bitcoin Selling $5K Cheaper
The issues began when the Australian Securities and Investments Commission (ASIC) initiated an investigation into the exchange for wrongly classifying traders as wholesale investors.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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