Binance Australia has shared an update on its present local payments matter and confirmed that withdrawal of AUD through bank transfers will be allowed until 1 June, according to a report.
Its also reported that Binance Australia is looking for a new payments partner so that the exchange may continue offering withdrawals and deposits to its users from Australia.
Binance Australia after facing troubles with its local payment provider announced the suspension of AUD deposits last week. However, crypto purchasing and buying services through Debit/ Credit Card on Binance Australia were unaffected.
The Cryptonomist
Westpac Bank confirmed that it has suspended its customers from making payments to Binance. It's said that the bank made a stronger push for scam protection with this move.
Despite the fast developments and attracting a lot of attention of crypto exchanges like Binance, they still are facing troubles with the banks. It is believed that the traditional banking system are often hesitant of providing services to the crypto exchanges with a negative regulatory stigma towards the industry.
Binance also is reportedly facing trouble in United States. And the exchange is said to be looking for a direct banking partner in the country after the collapse of its two banking partners, Signature Bank and Silvergate Bank. Presently it is providing fiat based services with atleast one intermediary banking partner.
Binance confirmed the regulatory pressure in United States and it has also exited Canada. Binance is said to be now considering to establish itself in UK.
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Great post @decoding.
I guess i can't stop commenting to your post.
What a shame, to see how Local banks are responding to the growth of Blockchain/Cryptocurrency. This is totally not acceptable. it is a disgusting act trying to make citizens see crypto as a scam.
I have to make some research today, too see if there are any possible solutions.
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