Binance Australia, the local division of the world’s leading cryptocurrency exchange, announced on Thursday that certain users can no longer deposit or withdraw funds due to the termination of services by Cuscal, a third-party provider.
Immediately affected are deposits in Australian dollars via bank transfers, with withdrawal services also slated for cessation, though no specific timeline was provided. The company said it’s actively seeking an alternate service provider to resume these activities.
In a separate development, Westpac Banking Corp, Australia’s second-largest retail bank, reportedly prohibited customers from conducting transactions with Binance, citing the prevention of scam-related losses as the rationale behind the restriction. However, no specific exchanges were identified in their statement.
This development marks another setback for Binance’s Australian operations, following their relinquishment of a financial services license the previous month amid a regulatory probe. Globally, Binance has been grappling with regulatory issues and inquiries, most notably a recent withdrawal from the Canadian market following a spat with the Ontario Trading Commission.
Despite these restrictions, Binance confirmed that transactions via credit or debit cards remain available to customers.
Information for this briefing was found via Binance. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.