The Australian division of Binance has suspended deposits in local dollars due to an issue with its payment provider, the PayID AUD instant bank transfer service.
This service is supported by over 100 institutions, though is currently experiencing technical issues.
To support customers, Binance is looking for an alternative provider while continuing to offer withdrawals in fiat, Visa debit and credit card purchases, and P2P trading.
On the same day, Westpac Bank blocked access to Binance to protect clients from fraudulent activity. In April 2023, the Australian Securities and Investments Commission revoked Binance Australia Derivatives’ license as part of an effort to tighten regulations on trading platforms, with customers needing to close all derivatives positions before April 21st.