Binance Australia Says Deposits, Withdrawals Disrupted After Third-Party Payment Provider Cuts Off Service

The Australian arm of Binance, the world’s largest cryptocurrency exchange, on Thursday said some local customers will be unable to deposit or withdraw money after a third-party payment provider cut off its service.

Binance on social media said users are unable to make Australian dollar deposits by bank transfer with immediate effect. Withdrawals will also be cut off, it said, without detailing when.

“We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users,” Binance said in a statement.

The Australian Financial Review reported the provider was Westpac Banking, the country’s second-largest retail bank.

Westpac was not immediately available to comment when contacted by Reuters. It said in an earlier statement that it had blocked some crypto-currency payments to reduce scam loss. It did not identify exchanges nor provide any further details.

The curb is the second blow to Binance’s Australian operation in as many months, having relinquished a financial services licence in April amid a regulatory probe.

Customers can still transact using credit or debit cards, Binance said.

© Thomson Reuters 2023

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