Binance Australia has been banned by Westpac, and on the same rough day for them, it got booted off a large Australian payment service.
Binance is the largest crypto exchange in the world, and these two bans have trembled the company by happening on the same day.
Using a tweet, Binance Australia informed the audience that it can no longer facilitate PayID deposits for its users. It cited that a third-party payment services provider had made the decision.
We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank…
— Binance Australia (@Binance_AUS) May 18, 2023
Furthermore, the Binance Australian branch also said that payments through bank transfers would be affected. The branch expressed that they are working toward a solution.
“We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users.”
The company noted that the customers can still buy and sell cryptocurrencies using credit or debit cards. In addition, they said the Binance P2P marketplace will continue to operate as per usual.
Moreover, the company ensured the customers that their funds are safe and protected by the Secure Asset Fund for Users.
“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.”
PayID is a part of Australia’s New Payment Platform. This feature was put in place in 2018 and enables faster payment transactions. When compared to bank transfers, which can take up to three days, PayID payments can be made in less than a minute.
To transfer the funds, you only need an email address, phone number, or ABN. This service is offered by hundreds more banks, such as, ANZ, Bendigo Bank, NAB, and Commonwealth Bank.