Binance Australia Stops AUD Bank Transfers as Search for Payment Partner Drags On

Binance Australia halted Australian dollar (AUD) deposits and withdrawals by bank transfer as announced last month, the exchange said on Thursday.

On May 18, Binance Australia said it would no longer facilitate AUD bank transfers using PayID "due to a decision made" by the third-party payment service provider. A May 22 update said the services will continue until June 1.

The latest tweet said Binance Australia users can still buy and sell crypto using credit or debit cards, and that it is "working hard to find an alternative provider."

Fellow Binancians,

We regret to inform you that AUD deposits and withdrawals by bank transfer are no longer available to Binance users in Australia. Binance has ceased all AUD trading pairs as of June 1. In order to facilitate withdrawals and trading activities after June 1, you…

— Binance Australia (@Binance_AUS) June 1, 2023

For the past few days, bitcoin (BTC) has been trading at nearly a 20% discount on Binance’s Australia arm, compared with rival exchanges.

In April, after a request from Binance, the Australian Securities and Investments Commission (ASIC) canceled Binance Australia's derivatives license.

Read More: Australia's Treasury and Reserve Bank Held Consultations With Coinbase, Others