Binance Australia suspends AUD deposits

Westpac, one of the four largest banks in Australia, has banned transfers to Binance in order to protect clients from scams.

According to the representatives of the bank, scammers are increasingly using foreign crypto exchanges to cheat customers. Most often, stolen funds cannot be returned. Thus, the new measures introduced by the bank will help protect clients from scam losses.

The Australian branch of Binance has announced the suspension of deposits in Australian dollars due to the decision of the third-party provider. Binance Australia said in a statement that the exchange does not currently accept AUD deposits via PayID.

PayID is a popular service for bank transfers. It is supported by more than 100 money institutions in Australia.

Binance informed its clients that there also can be problems when withdrawing funds in AUD, and promised to provide more accurate information in the near future. The exchange is making every possible effort to find another provider that will continue to deposit and withdraw funds in AUD for the users of the platform.

Australian customers can still buy cryptocurrency via debit or credit cards, as well as make transactions via P2P platform.

Earlier, the Australian Securities & Investments Commission revoked the derivatives licence of Binance’s local branch. In addition, American regulators have been scrutinising the company’s activities for months. The US Commodity Futures Trading Commission has already filed a lawsuit against the exchange.