Binance Continues to Halt Trading of Cryptocurrencies against Australian Dollar (AUD).
Binance, the biggest cryptocurrency exchange globally, announced on Friday that it will be removing additional trading pairs against the Australian Dollar (AUD) from its platform. This decision follows the recent discontinuation of support for numerous cryptocurrencies paired with AUD. The move comes in response to Binance facing regulatory obstacles in Australia, which led to the loss of its banking partner. In simpler terms, Binance, the largest crypto exchange, has decided to remove more AUD trading pairs from its platform due to regulatory challenges in Australia that resulted in the loss of its banking partner.
Binance Stoppage of Crypto Trading with AUD Trading Pairs:
In an official announcement on May 26, cryptocurrency exchange Binance revealed its plan to remove and stop trading on several spot trading pairs involving popular cryptocurrencies. This includes Bitcoin, Ethereum, Dogecoin, XRP, Cardano, Solana, and MATIC. In simpler terms, Binance, a crypto exchange, has announced that it will no longer support trading on various trading pairs involving well-known cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, XRP, Cardano, Solana, and MATIC.
Starting from June 1 at 6:00 UTC, Binance will no longer provide support for trading pairs like ADA/AUD, AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, GALA/AUD, MATIC/AUD, SOL/AUD, and XRP/AUD. Binance is still discontinuing trading against the Australian dollar (AUD). In simpler terms, beginning June 1 at 6:00 UTC, Binance will stop supporting the trading of certain pairs like ADA/AUD, AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, GALA/AUD, MATIC/AUD, SOL/AUD, and XRP/AUD. Binance will also no longer facilitate trading with the Australian dollar (AUD).
Binance will be ending its Trading Bots service specifically for these pairs. Nevertheless, users can still engage in trading these popular cryptocurrencies against other available trading pairs on the platform. In simpler terms, Binance will no longer support the use of Trading Bots for these specific pairs. However, users can still trade these cryptocurrencies against different pairs offered by the platform.
On May 24, Binance eliminated 8 trading pairs involving the Australian Dollar (AUD), indicating a possible reduction in support for fiat currencies following recent difficulties encountered in Australia. In simpler terms, Binance made the decision to remove 8 trading pairs with the Australian Dollar (AUD) on May 24, possibly as a result of challenges experienced in Australia, which could indicate a shift in their support for traditional currencies.
Binance encountered problems in Australia when the Australian Securities and Investments Commission (ASIC) initiated an investigation into the exchange. The probe was prompted by Binance mistakenly classifying traders as wholesale investors. In simpler terms, Binance faced difficulties in Australia after the country’s regulatory body, ASIC, started an investigation due to Binance incorrectly identifying traders as wholesale investors.
In the previous week, the exchange temporarily halted the acceptance of Australian dollar deposits due to the loss of its banking partner in Australia. This resulted in difficulties with deposits and withdrawals involving the Australian dollar. In simpler terms, last week, the exchange had to temporarily stop accepting deposits in Australian dollars because it no longer had a banking partner in Australia. As a result, there were issues with depositing and withdrawing Australian dollars from the exchange.
Also Read This Related: Binance Australia Halts AUD Fiat Deposits
Binance experienced a significant decrease in trading volume due to increased regulatory actions taken by various authorities. The CEO of Binance, CZ, acknowledged that the exchange is currently undergoing thorough examination following the FTX collapse. Moreover, the trading volume has not been able to recover as quickly as the TUSD stablecoin. In simpler terms, Binance saw a sharp decline in trading activity due to regulatory crackdowns from multiple regulators. Binance’s CEO, CZ, acknowledged the intense scrutiny faced by the exchange following the FTX collapse. Additionally, the trading volume has been slower to rebound compared to the TUSD stablecoin.
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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