Binance in trouble in Australia – fiat on- and off-ramps services suspended


Australia is one of the most favorable markets for cryptocurrencies. Nevertheless, even here serious troubles occur. Such is being experienced by the largest known exchange, which is restricting payment methods.

Binance restrictions in Australia

Binance users in Australia are currently struggling with a limited range of cryptocurrency purchasing options. As of 5 p.m. local time on June 1, fiat on-ramps and off-ramps via bank transfers are no longer available. This suspension applies to trading in pairs to the Australian dollar (AUD).

The suspension of deposits and withdrawals is related to previous events that affected Binance’s operations in Australia. In February of this year, Binance’s local derivatives arm abruptly notified users to close certain positions and accounts to those who did not meet the requirements to be considered wholesale investors.

By law, a wholesale trader is an experienced investor who has the capital to invest in more speculative assets, usually involving greater risk. This type of investor is also called an institutional or accredited investor. To be considered a wholesale investor in Australia, it is necessary to have net assets of at least $2.5 million or a gross annual income of at least $250,000.

Despite actions taken, Binance remains on target

Following Binance’s recent actions that led to the liquidation of non-compliant accounts, local regulators have undertaken a “targeted review” of the exchange’s derivatives activities. On April 6, the Australian securities regulator revoked the license of Binance Australia Derivatives.

A few weeks later, in May, Binance Australia announced that it had suspended its Australian dollar (AUD) services, as local payment service provider Zepto was instructed to cease all deposits and withdrawals via wire transfers.

A Zepto spokesperson at the time explained that their partner, Cuscal, had ordered the company to “withdraw from Binance.” In a separate statement, Cuscal announced that their actions are aimed at “protecting Australians from financial crime and fraud.”

The search for an alternative continues

Binance Australia, faced with this situation, is looking for a new payment service provider. Similar challenges have also arisen for Binance.US in the United States, where their existing partners, Silvergate and Signature Bank, were shut down as a result of the banking crisis earlier this year.

“We are working assiduously to find an alternative provider to continue to provide our users with the ability to make deposits and withdrawals in AUD,” announced a Binance spokesperson in an official announcement. In addition, it was reported that users in Australia are still able to buy and sell cryptocurrencies using credit or debit cards, and peer-to-peer trading continues to operate smoothly. In addition, AUD funds held in accounts have been converted to Tether (USDT).

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this article

More news


XRP outperforms Bitcoin and Ethereum

In the past week, XRP decisively outperformed its main rivals, Bitcoin (BTC) and Ethereum (ETH), in terms of capital flows. Moreover, it recorded an impressive $2.7 million…

Solana and Avalanche on the eye of investment funds

Two alternative coins, Solana (SOL) and Avalanche (AVAX), are gaining increasing interest and are successively attracting the attention of investment funds. Although bitcoin (BTC) remains the main…
All articles loaded
No more articles to load


Cryptocurrency wallets

Cryptocurrency wallets

We talked about security when trading crypto assets in an article titled “Online security“. We also mentioned how important it…
hardware wallets

Cryptocurrency hardware wallets

From the article titled “Cryptocurrency wallets” you learned about the different types of wallets. They were briefly characterized there. Let’s…
Where to buy cryptocurrency brokers

Which cryptocurrency Brokers to use

In the article “Where to Buy Cryptocurrencies (Exchanges)“, we introduced you to which exchange platforms you can purchase cryptocurrencies on.…
Trading cryptocurrencies

Trading cryptocurrency

In the cryptocurrency market, you face many opportunities to invest in cryptocurrency or buy or sell cryptocurrency. If you want…
All articles loaded
No more articles to load


All articles loaded
No more articles to load

Latest news

All articles loaded
No more articles to load