After being debanked by its Australian banking partner, Binance Australia, the regional branch of the largest cryptocurrency exchange in the world, stated that it will concentrate on peer-to-peer trading.
The company said that it will no longer offer fiat on-ramps or off-ramps, meaning that users will not be able to deposit or withdraw Australian dollars from their Binance Australia accounts. However, users will still be able to trade cryptocurrencies with each other using the Binance Australia platform.
As banks continue to cut links with cryptocurrency businesses globally, Binance customers in Australia have few options for buying cryptocurrencies. Fiat on-ramps and off-ramps via bank transfers, including trading for Australian dollar pairings, have been halted in Australia as of 5:00 p.m. local time on June 1. Due to earlier events that had an impact on Binance’s activities there, deposits and withdrawals are now restricted.
In early February, Binance’s Australian subsidiary for derivatives warned customers that certain positions and accounts will be deleted if they didn’t fit the bill for being considered wholesale investors.
Binance Australia CEO, Leigh Travers, said that the decision to focus on peer-to-peer trading was made after the company’s banking partner, Cuscal, terminated its relationship with Binance Australia.
“We are disappointed that Cuscal has chosen to terminate our relationship,” Travers said. “However, we are committed to continuing to provide our Australian users with access to the Binance platform.”
In the meantime, Binance Australia users will be able to trade cryptocurrencies using the Binance Australia platform using a variety of payment methods, including credit cards, debit cards, and PayPal.
Binance Australia is the latest cryptocurrency exchange to be debanked in Australia. In recent months, a number of other cryptocurrency exchanges, including CoinSpot and Independent Reserve, have also been debanked by their Australian banking partners.
The debanking of cryptocurrency exchanges is a growing trend in Australia. There are a number of reasons for this, including concerns about money laundering and terrorist financing.
The debanking of cryptocurrency exchanges is making it more difficult for Australians to access cryptocurrency. However, there are still a number of ways for Australians to buy and sell cryptocurrency, including using peer-to-peer trading platforms.
Here are some additional details about the debanking of Binance Australia:
- Binance Australia was debanked by its Australian banking partner, Cuscal, on May 18th, 2023.
- The debanking of Binance Australia means that users will no longer be able to deposit or withdraw Australian dollars from their Binance Australia accounts.
- Binance Australia users will still be able to trade cryptocurrencies with each other using the Binance Australia platform.
- Binance Australia is in the process of finding a new banking partner.
- The debanking of Binance Australia is the latest in a series of debankings of cryptocurrency exchanges in Australia.
- The debanking of cryptocurrency exchanges is making it more difficult for Australians to access cryptocurrency.
- There are still a number of ways for Australians to buy and sell cryptocurrency, including using peer-to-peer trading platforms.