Binance Australia Halts AUD Deposits and Withdrawals by Bank Transfer

Binance Australia's AUD Exodus

Binance Australia has declared that it will no longer facilitate AUD deposits and withdrawals by bank transfer for its users in Australia. Effective immediately, all AUD trading pairs on the platform have ceased as of June 1st.

However, to accommodate withdrawals and trading activities following this change, Binance Australia has recommended converting AUD balances to USDT, a stablecoin pegged to the US dollar. This conversion will allow users to continue engaging in crypto-related transactions on the platform.

While this recent decision may inconvenience some users, Binance Australia has emphasized that it remains committed to providing alternative methods for purchasing and selling cryptocurrencies. Individuals can still utilize credit or debit cards to buy and sell digital assets, ensuring that their trading activities are not unduly disrupted. Furthermore, Binance's peer-to-peer (P2P) marketplace, known for facilitating direct user transactions, will continue operating.

In terms of user funds, Binance Australia has assured its customers that their assets remain secure. The exchange has implemented the Secure Asset Fund for Users (SAFU), an insurance fund that protects Binance users and their funds in extreme situations.

Binance Australia's decision to discontinue AUD deposits and withdrawals by bank transfer and halt AUD trading pairs has undoubtedly left its users contemplating the implications.

Recently, Bitcoin prices on Binance Australia have dropped to a 20% discount compared to rival exchanges as users rush to exit their positions. It is because Australian users began withdrawing their AUD holdings from the platform prior to the 1 June off-ramp closure. As a result of this removal of services, liquidity for AUD pairs has been reduced, affecting their price.

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