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Binance Australia Says Banking Disrupted After Payment Provider Cuts Off Service

SYDNEY (Reuters) – The Australian arm of Binance, the world’s largest crypto-currency exchange, said on Thursday some local customers will be unable to deposit or withdraw money after a third-party payment provider cut off its service.

Binance on social media said users are unable to make Australian dollar deposits by bank transfer with immediate effect. Withdrawals will also be cut off, it said, without detailing when.

“We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users,” Binance said in a statement.

The Australian Financial Review reported the provider was Westpac Banking Corp, the country’s second-largest retail bank.

Westpac was not immediately available for comment when contacted by Reuters. It said in an earlier statement that it had blocked some crypto-currency payments to reduce scam losses. It did not identify the exchanges nor provide any further details.

The curb is the second blow to Binance’s Australian operation in as many months, having relinquished a financial services license in April amid a regulatory probe.

Customers can still transact using credit or debit cards, Binance said.

(Reporting by Lewis Jackson and Byron Kaye in Sydney; Editing by Christopher Cushing)

Copyright 2023 Thomson Reuters,

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