Binance Australia, the cryptocurrency exchange, has announced to its users that services involving the Australian dollar have been suspended. The announcement follows Zepto, the local service provider for payments used by the exchange, which apparently stopped supporting the platform.
How Bad Is The Situation For Binance Australia?
On May 18th, a tweet was posted by Binance Australia that PayID deposits using the Australian dollar were suspended. As such, withdrawals through bank transfer will also see an impact because of a decision that their third-party service provider for payments made.
The tweet continued explaining that they understand that their third-party service provider for payments informed them about an impact on withdrawals via Bank Transfer. As such, Binance Australia promised to let its users about the possible timeline after the news is confirmed.
While speaking to a cryptocurrency aggregator, a spokesperson of Binance confirmed while stating that deposits made using AUD and bank transfers will not be available for Australian users of Binance. In the statement, the spokesperson repeatedly highlighted that the suspension is taking place immediately. However, withdrawals are expected to remain open, albeit it is uncertain how long that will remain the case.
Binance stated that they are searching for a different provider so that they can continue to offer withdrawal and deposit services using Australian dollars to the users. It added that users can still use debit or credit cards to sell or buy cryptocurrency.
Zepto’s spokesperson, in a different statement, confirmed that Binance Australia’s payments are processed by them. However, Cuscal, their partner, told them to stop working with Binance. As such, they have been collaborating with Binance while supporting the exchange navigate the process. The spokesperson added that the P2P marketplace of Binance will still continue regular operations. Furthermore, there is no need to worry about the safety of the users’ funds.