• Binance Australia has suspended Australian Dollar services after its local payment services provider Zepto stopped support for the exchange.
• AUD deposits and withdrawals have been impacted due to this decision and bank transfer withdrawals will also be impacted.
• Binance is now working to find an alternative provider to continue offering Australian dollar deposits and withdrawals.
Binance Australia Suspends AUD Services
Cryptocurrency exchange Binance Australia has informed users it has suspended Australian dollar services after its local payment services provider Zepto seemingly stopped support for the exchange. On May 18, Binance Australia announced on Twitter that Australian dollar PayID deposits were suspended and bank transfer withdrawals would also be impacted “due to a decision made by our third-party payment service provider.”
Impact of Decision
A spokesperson for Binance confirmed in a statement to Cointelegraph that AUD deposits by bank transfers are no longer available to Binance users in Australia, adding that the halt is in immediate effect, though withdrawals will still be open for an unknown period of time. Additionally, the spokesperson noted that while buying and selling crypto using credit or debit cards is still available, as well as access to their P2P marketplace, funds are protected through their Secure Asset Fund (SAFU) insurance fund.
Third Party Provider Involved
A spokesperson for Zepto told Cointelegraph it “processes payments for Binance Australia.” They added that their partner instructed them to offboard Binance and they are currently working with them to support them through this process. This suggests that there may have been some disagreement between the two companies regarding certain policies or regulations which lead to this decision being made.
Binance Working To Find Alternative Provider
In response, Binance said they are now working to find an alternative provider in order to continue offering Australian dollar deposits and withdrawals once again. It is unclear at this point how long this process could take or what kind of impact it will have on user accounts until then, but they remain committed to providing quality customer service during this transition period.
In summary, cryptocurrency exchange BinanceAustralia has announced the suspension of all AUD services due to a decision made by their third party payment service provider Zepto which affects both deposits and withdrawals from user accounts via bank transfers. In response, they are now actively looking into alternate providers in order to restore these services as soon as possible while still maintaining the highest levels of security via their Secure Asset Fund (SAFU).