Australia's Banking Giant Bars Access to Binance
Main page News, Banking, Cryptocurrency Exchanges, Binance

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.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

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.US Seeks Options to Break Away from Changpeng Zhao: Report

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.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error