Binance has been embroiled in a regulatory battle for some time now after its derivatives license was revoked following an investigation into its transactions by the Australian Securities and Investments Commission.
The Australian branch of bitcoin is being sold at a significant markdown binance Which is arguably the largest cryptocurrency exchange in the world. Bitcoin The price was hovering around $23,062 on Binance Australia, compared to $29,000 on Australia-based cryptocurrency exchange BTC Markets.
Latest development stems from May 18 Announcement From Binance Australia, which informed its customers that it will temporarily halt Australian dollar services following a decision made by the third-party payment provider.
The ripple effect of the decision saw Binance Australia halt AUD trading pairs for cryptocurrencies including bitcoin, ethereum, and bitcoin. XRPcardano, dog coinMatic, and solana,
A subsequent update involved users going on a risky withdrawal spree of their digital assets and then putting them in Australian dollars ahead of the June 1 deadline for local bank withdrawals.
Bank transfer deposits were immediately suspended, although withdrawals via PayID were set to continue until June 1 at 5pm local time. Binance Australia also warned its Australian customers that after May 31, any remaining Australian dollars on the platform will automatically be converted usdt,
Furthermore, the cryptocurrency platform issued a warning on June 1 about the planned delisting of several trading pairs linked to the Australian dollar. The clients were also advised to be careful and mindful of the risks involved in trading.
Binance has been embroiled in a regulatory battle for some time now after its derivatives license was revoked following an investigation into its transactions by the Australian Securities and Investments Commission. The cryptocurrency exchange allegedly misclassified traders as wholesale investors.
changpeng zhaoThe founder and CEO of the crypto company has also been the subject of legal action from the Commodity Futures Trading Commission (CFTC, The CEO, along with three affiliated entities of Binance, was hit with charges of illegal activities and violating the rules laid out by the CFTC.
Binance, amid its troubled waters, however, has expressed its continued efforts to secure a new service provider to ensure continuity of Australian dollar deposits and withdrawals. Customers can still buy and sell digital assets using credit or debit cards, with rates in line with current market trends.
Swyftx, an Australian cryptocurrency broker that previously relied on Binance for liquidity, has assured its users that Binance’s elimination of the Australian dollar on-off ramp will have no impact on its own operations.
Bitcoin Crypto Related Post