On May 18, Westpac, the Australian bank, banned Binance and halted the transactions of its customers. Binance, the largest cryptocurrency exchange in the world, announced that they are halting their services, in a tweet on Thursday. Now customers will suddenly not be able to deposit or withdraw funds from the platform.
Binance Australia, the local branch of the world’s largest cryptocurrency exchange worth $6.7 billion announced that they would not allow to deposit funds into the exchange by using PAYID. PAYID is the most popular instant payment system in Australia. Additionally, the withdrawal of Australian dollars (AUD) has also been suspended.
Australia is not the exception where Binance has stopped its services like deposits and withdrawals before this incident it decided to halt its operations in the United Kingdom and the United States dollars. In March, Binance announced that they have decided to halt their transactions made in Great Britain Pounds (GBP). Also, before the suspension, the Financial Conduct Authority (FCA) issued a warning to its consumers that Binance was operating illegally in the country and did not hold any kind of permission from the authorities. According to reports, the ban will take effect from 22 May, providing a good time to withdraw their funds.
Today, the information regarding the suspension was shared by the spokesperson of Binance on Twitter in his statement he said, “AUD deposits by bank transfers are no longer available to Binance users in Australia due to a decision made by our third-party service”. The reaction of the clients is yet to come out because they will surely face some kind of problems due to the halt in deposits and withdrawals. Some people reacted very angrily towards the exchange for halting services. As part of a variety of new scam-prevention strategies, big Australian bank Westpac also declared on Thursday that it will bar its customers from transacting with several cryptocurrency exchanges, including Binance.
Binance currently facing several issues in the technical aspects, few a days back it halted Bitcoin withdrawals two times in a day. The reason cited by Binance was large volumes. And now the recent halt of its services in Australia further escalated tensions. However, a person can still buy and sell crypto using a credit or debit card and our Binance P2P marketplace will also continue to operate as usual. Also, it assured that your funds are safe through the Secure Asset Fund for Users (SAFU).
