Binance Australia reduces its reliance on fiat currency after a third-party platform suspends Australian dollar deposits and withdrawals, citing Binance’s lack of regulatory requirements.
Due to a third-party payment provider, Binance Australia has halted PayID and bank deposit deposits and withdrawals in Australian dollars.
Cuscal, a third-party platform, declared that Binance did not comply with the platform’s compliance rules.
Binance Australia’s peer-to-peer marketplace still accepts debit or credit cards.
Binance Australia, a subsidiary of one of the industry’s leading cryptocurrency exchanges, has announced a suspension of Australian dollar deposits and withdrawals via PayID and bank transactions for Australian consumers.
The sudden disruption was caused by a decision made by a third-party payment partner, according to the firm, although it has no effect on credit or debit card transactions on the peer-to-peer marketplace.
Cuscal, a third-party corporation, stated that Binance failed to meet its high compliance criteria in an effort to reduce scams and frauds, adding that “Cuscal has strict due diligence, onboarding, and compliance requirements for our clients and any of their consumers and/or merchants… Cuscal has terminated, and will continue to terminate, any clients, their customers, and/or merchants that fail to fulfil our stringent requirements.”
Binance has not stated when it plans to reintroduce PayID and bank deposits.
Binance has also left Canada as Canadian officials tighten crypto laws.
