Share this article
Binance Australia Halts Australian Dollar Bank Transfers
Exchange blames third-party payment providers, and says that credit as well as debit cards can still be used.
By Sam Reynolds
May 18, 2023, 6:25 a.m.
Make us preferred on Google
Binance Australia says that it will no longer be able to facilitate Australian Dollar bank transfers using PayID, the exchange said on Thursday.
In a tweet, Binance Australia blamed its third-party payment service provider and said that it's working to find an alternative.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Australia-based users can still buy and sell crypto using their credit or debit card, and Binance says its P2P marketplace continues to operate as usual. This comes as crypto exchanges continue to find it difficult to maintain fiat on-ramps.
Binance-rival Crypto.com is also facing a banking crisis, with its US dollar deposit functionality at risk following Silvergate Bank's collapse, Metropolitan Commercial Bank's exit from crypto (in a recent filing, the bank said it was almost done exiting the crypto market), and the freezing of previous partner Transactive Systems' Euro accounts, threatening the exchange's liquidity.
For many of Crypto.com’s customers, deposits via debit or credit cards — an expensive pipeline for the exchange — are the only way they can transact.
Meanwhile, The Australian Securities and Investments Commission (ASIC) is reviewing Binance Australia's derivatives business after the crypto exchange erroneously classified 500 users as "wholesale investors," leading to the closure of their derivative positions, which local regulations prohibit for retail traders.
Binance has pledged full compensation to the affected users. Binance Coin is unaffected by the news and is trading flat.
More For You
From Wall Street to Web3: This is crypto’s year of integration, Silicon Valley Bank says
From bank-led stablecoins to tokenized T-bills and AI-powered wallets, digital assets will move from pilot projects to financial plumbing this year.
What to know:
- Silicon Valley Bank's Anthony Vassallo says institutional adoption of crypto is accelerating, pushing bigger venture capital checks, more bank-led custody and lending, and deeper M&A consolidation.
- Stablecoins are emerging as the “internet’s dollar,” fueled by clearer regulation and enterprise demand for payments and settlement.
- Tokenized real-world assets and AI-driven crypto applications are shifting blockchain from speculation to core infrastructure, the bank said.
Top Stories
