It seems that Binance Australia is facing many problems in the Australian market. After the request to cancel the derivative license in April, this exchange informed the new announcement to the Binance users in Australia that related to AUD deposits and withdrawals by bank transfer.
Binance Australia Ends AUD Bank Transfers from June 2023
On 1 June 2023, Binance Australia Ends AUD Bank Transfers officially. Following, all AUD trading pairs have ceased.
To ensure continued accessibility for users, Binance suggests converting AUD balances to USDT for withdrawals and trading activities. Despite these changes, Binance Australia remains committed to providing alternative options for users to engage in crypto transactions and assures the safety of user funds through the Secure Asset Fund for Users (SAFU).
Binance Australia, one of the leading cryptocurrency exchanges in the region, has recently made an important announcement regarding changes to its services. The platform regrets to inform its users that as of June 1, AUD deposits and withdrawals via bank transfer are no longer available.
This decision by Binance Australia entails the discontinuation of all AUD trading pairs, signaling a shift in the exchange’s operational focus. However, users can still engage in crypto transactions using credit or debit cards, ensuring continued access to digital assets.
To facilitate smooth withdrawals and trading activities, Binance recommends converting AUD balances to USDT, a stablecoin that is pegged to the US dollar. This conversion allows users to maintain the value of their assets and seamlessly proceed with their trading endeavors.
While this change may cause some inconvenience for users who were accustomed to AUD transactions, Binance Australia is actively working to identify an alternative provider that can offer AUD deposits and withdrawals in the future. The exchange remains committed to providing a comprehensive and user-friendly platform for the Australian crypto community.
It is important to note that Binance Australia understands the concerns of its users regarding the safety of their funds. In response, the exchange assures its users that their assets are safeguarded through the Secure Asset Fund for Users (SAFU). The SAFU is an insurance fund that provides protection to Binance users and their funds in extreme situations, ensuring an additional layer of security.
In addition to the available options for buying and selling cryptocurrencies through credit or debit cards, Binance Australia’s P2P (peer-to-peer) marketplace will continue operating as usual. The P2P marketplace provides a secure platform for users to engage in direct transactions with other individuals, further expanding the range of options for crypto enthusiasts.
Binance Australia understands the importance of maintaining a smooth and secure user experience, and despite these changes, the exchange remains dedicated to providing innovative solutions and services to its users. The team is actively exploring new avenues to reinstate AUD deposits and withdrawals, striving to meet the evolving needs of the Australian crypto community.
In conclusion, Binance Australia has ceased AUD deposits and withdrawals via bank transfer, including all AUD trading pairs. To ensure uninterrupted trading activities, users can convert AUD balances to USDT. The exchange is diligently working to find an alternative provider for AUD transactions while assuring users that their funds are secure through the SAFU. Binance Australia continues to offer various crypto transaction options, including credit/debit card purchases and the P2P marketplace, aiming to meet the evolving demands of Australian crypto enthusiasts.
What is Binance
Binance stands out as a leading cryptocurrency exchange with a thriving trading ecosystem, offering a vast selection of over 350 digital coins for buying, selling, and secure storage. Among the popular cryptocurrencies available are BTC, ETH, DOGE, XRP, and Binance Coin (BNB). But Binance is much more than just an exchange; it offers a range of exciting features and services to enhance your crypto journey. Discover opportunities like Binance Earn, a platform to grow your assets, delve into the captivating world of NFTs through Binance NFT marketplace, conveniently transact with Binance Pay, and explore promising projects through Launchpad.
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In Australia, Binance has established itself as a trusted and long-standing presence through its collaboration with InvestbyBit Pty Ltd, known as “Binance Australia.” This reputable company is registered with AUSTRAC, ensuring compliance and regulatory adherence. Binance Australia provides a seamless experience for converting digital coins into Australian dollars and vice versa, empowering users with the ability to exchange funds effortlessly. Additionally, Binance Australia offers an exciting opportunity to earn interest on your crypto holdings, enabling you to make the most of your investments.”