Binance Australia, the Australian arm of the Binance crypto exchange, said in a tweet on Thursday it is unable to facilitate PayID AUD deposits, citing a decision made by its third party payment service provider.
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The move came shortly after Westpac Banking Corp, an Australian multinational banking giant, banned its customers from sending money to Binance. The bank said in a statement to clients it made the decision to "reduce losses due to scams."
Binance Australia later said it is unable to process payments after, because its provider Cuscal cut access. Withdrawals were also cut off, the exchange added.
Binance launched services in Australia in 2020. The exchange allowed its Australian users to deposit AUD directly from their bank accounts without paying any fees through PayID. To withdraw funds, customers could link their local bank accounts to Binance Australia.
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