By Tom Blitzer
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- Binance Australia temporarily suspends AUD fiat services due to issues with domestic payment service providers.
- Westpac Bank implements restrictions on Binance Australia to protect customers from scams.
- Binance assures users of efforts to establish an alternative payment service provider for AUD transactions.
Binance Australia has temporarily halted its Australian Dollar (AUD) fiat services, encompassing bank transfers, withdrawals, and deposits. The suspension of AUD-related fiat services within the country is a consequence of a choice made by the local payment service provider, as stated by the Australian division of the leading global cryptocurrency exchange.
Binance Australia’s PayID woes: Temporary disruptions
As per a recent announcement on Binance Australia’s official Twitter account, users are facing temporary disruptions in their ability to make PayID AUD deposits on the crypto exchange. This inconvenience arises from a decision taken by their external payment service provider, which has resulted in the suspension of AUD bank transfers encompassing both deposits and withdrawals.
Binance has communicated to its Australian customers about its dedicated efforts to ensure the establishment of an alternative payment service provider within the country. This initiative aims to restore the availability of AUD fiat services for its valued clientele. Meanwhile, Binance users can conveniently purchase and sell various cryptocurrencies on the platform through debit and credit cards. Furthermore, it is worth noting that the exchange’s B2B marketplace continues to operate seamlessly without any disruptions.
Binance reassessed its user base regarding the security of its funds within the platform. Furthermore, the Australian branch of the cryptocurrency exchange emphasised to its customers that their funds were safeguarded by the Secure Asset Fund for Users (SAFU). This protective measure ensures the safety of users’ crypto assets during extraordinary circumstances.
Financial Review confirms Westpac’s customer protection measures
According to an article published in Financial Review, it has been verified that Westpac Bank, headquartered in Sydney, is the Australian financial institution responsible for implementing fiat restrictions on Binance Australia’s clientele. Westpac Bank has explicitly stated that these restrictions are integral to their comprehensive range of safeguards against scams, which they are introducing to ensure customer protection.
Scott Collary, the head of customer services and technology at Westpac Group, disclosed that measures were implemented to safeguard users against fraudulent activities. He emphasised the importance of digital exchanges within the financial ecosystem, acknowledging their legitimate function. However, Collary noted a concerning trend wherein scammers increasingly exploit foreign exchanges with the surge in digital currencies.