Binance Australia, a prominent cryptocurrency exchange, has temporarily suspended its Australian dollar services due to an unexpected halt in support from its local payment services provider, Zepto.
In a tweet posted on May 18, Binance Australia informed its users that PayID deposits in Australian dollars were temporarily suspended, and bank transfer withdrawals would also be affected. The exchange attributed this disruption to a decision made by their third-party payment service provider.
According to the tweet, Binance Australia is in contact with its payment service provider to gather more information on the timeline and impact of the suspension on bank transfer withdrawals. The exchange plans to update its users as soon as these details are confirmed.
A spokesperson for Binance reiterated the suspension of Australian dollar deposits via bank transfers, clarifying that the halt is effective immediately. However, withdrawals will remain open for an unspecified period.
Binance Australia is actively seeking an alternative payment service provider to ensure the uninterrupted availability of Australian dollar deposits and withdrawals for its users. Meanwhile, the exchange emphasized that buying and selling cryptocurrencies using credit or debit cards is still possible.
The temporary suspension of Australian dollar services by Binance Australia underscores the challenges faced by cryptocurrency exchanges in maintaining consistent payment options. Despite the disruption, the exchange is working diligently to find a solution and provide its users with continued access to their preferred currency.