Binance Australia, the local arm of the world’s largest cryptocurrency exchange, has suspended deposits of Australian dollars (AUD). The company said the move was necessary due to “unforeseen circumstances.”
Binance Australia did not provide any further details about the circumstances that led to the suspension. However, it is believed that Westpac, one of Australia’s largest banks, has blocked payments to Binance Australia.
Westpac has not confirmed or denied that it has blocked payments to Binance Australia. However, the bank has a history of blocking payments to cryptocurrency exchanges. In 2017, Westpac blocked payments to several cryptocurrency exchanges, including Bitfinex and Kraken.
Cuscal the company that handles the off and on ramp of AUD for Binance had a spokesperson comment the following:
“Following recent media attention in relation to the impact of scams and fraud in Australia with particular focus on account fraud, ID takeover and crypto activity, Cuscal reiterates its commitment and important role in identifying and implementing detection services for our clients across the Australian payments system,”
The suspension of AUD deposits by Binance Australia is likely to have a significant impact on the company’s users. Many users will not be able to deposit AUD into their Binance Australia accounts. This could lead to a decline in trading volume on Binance Australia.
Binance Australia has said that it is working to resolve the issue as quickly as possible. The company has not said how long the suspension will last.
The suspension of AUD deposits by Binance Australia is the latest in a series of setbacks for the company. In recent months, Binance Australia has been under fire from regulators around the world. The company has also been accused of market manipulation and insider trading.
The suspension of AUD deposits by Binance Australia is a further sign of the challenges facing the cryptocurrency industry. The industry is still in its early stages of development, and it is facing increasing scrutiny from regulators. It remains to be seen how Binance Australia will be able to overcome these challenges and continue to operate in Australia.
The Following Australian Exchanges have released statements via their twitter in regards to the Binance Developments but with many users concerned that they have not disclosed their actual exposure to Binance as a partner. At the time of writing this there was no official statement received to CRNCY from Coinspot or Coinstash.
