Key Points:

• Because of a choice made by its outsider provider, Australian dollar stores and withdrawals have been upset.
• In the Binance announcement, Westpac was mentioned but not named.
• The move comes just one month after the Australian regulator revoked the derivatives license held by Binance Australia.

Binance Australia has told customers that it has ceased Australian dollar services since its local payment services supplier seems to have stopped supporting the exchange.

“Notably, you can still buy and sell crypto using credit or debit card and our Binance P2P marketplace will also continue to operate as usual. Rest assured that your funds are safe through the Secure Asset Fund for Users (SAFU), an insurance fund that offers protection to Binance users and their funds in the event of extreme situations,” the exchange added.

The Australian Financial Review says that as part of a plan to slow the rise in scam losses, Westpac, an Australian multinational banking and financial services company, has banned customers from interacting with Binance Australia, the controversial global cryptocurrency exchange.

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Westpac stated that a slew of anti-scam measures were being taken. Westpac’s group executive of customer services and technology, Scott Collary, stated:

“Digital exchanges have a legitimate role to play in the financial ecosystem. But since the rise of digital currency, we’ve noticed that scammers are increasingly using overseas exchanges.”

Currently, it appears that AUD withdrawals are possible. The suspension comes a month after the Australian Protections and Ventures Commission ended Binance Australia Subordinates’ monetary administrations permit after an examination concerning Binance’s nearby business. According to the terms of the termination, Binance’s cancellation will not affect its obligation to join the Australian Financial Complaints Authority until April 8, 2024.