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May 19, 2023 Coin Telegraph

AUD

Cuscal, the company that handles AUD on-and-off ramping for the exchange, declined to comment specifically on why it decided to pull support for Binance Australia.

The "third party payments provider" for Binance Australia, Cuscal hinted toward the impact of “scams and fraud" as it relates to "account fraud, ID takeover and crypto activity" after being questioned why it offboarded the firm on May 18.

The payments provider did not specifically address Binance or crypto exchanges in its statement to Cointelegraph and declined to elaborate on why it pulled support for Binance Australia specifically.

A spokesperson for the Sydney-based B2B financial services firm told Cointelegraph that it's "focused on supporting the industry in protecting Australians from financial crimes and scams."

"Following recent media attention in relation to the impact of scams and fraud in Australia with particular focus on account fraud, ID takeover and crypto activity, Cuscal reiterates its commitment and important role in identifying and implementing detection services for our clients across the Australian payments system," the accompanying statement from Cuscal wrote.

Binance is suspending AUD fiat services in Australia.

Got this email this morning.

Very disappointing as it was one of my favourite on/off ramps.

Chokepoint is real.. pic.twitter.com/ZYiWY3aO0C
— Miles Deutscher (@milesdeutscher) May 18, 2023

It added it "has, and will continue to, terminate any clients or their customers and/or merchants" which do not meet its onboarding and compliance requirements.

It declined to comment specifically on Binance Australia or why it instructed its partner payments firm Zepto to "offboard" the exchange saying it doesn't "have a comment on any other parties at this point."

On May 18, Binance Australia said Australian dollar services were suspended "with immediate effect," citing a "decision made by our third party payment service provider."

We have confirmed with our local payment partner that our users can continue to withdraw AUD and we will update with any further changes on timing as we know more. Users are still able to buy and sell via debit and credit card. https://t.co/ReS6V7FbZu
— Binance Australia (@Binance_AUS) May 18, 2023

A Zepto spokesperson told Cointelegraph at the time that it "processes payments for Binance Australia" and "our partner, Cuscal, instructed us to offboard Binance."

Binance Australia has been on the hunt for an alternative payments partner since. Binance said Zepto and Cuscal are continuing to support users wishing to withdraw AUD.

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Binance Australia suspends AUD fiat services, citing issues with third party

May 18, 2023 Coin Telegraph

AUD

Australian dollar deposits and withdrawals have been impacted due to a decision made by its third-party provider, it said in an announcement.

Cryptocurrency exchange Binance Australia has informed users it has suspended Australian dollar services as its local payment services provider has seemingly stopped support for the exchange.

On May 18, Binance Australia tweeted that AUD PayID deposits were suspended and bank transfer withdrawals will also be impacted "due to a decision made by our third-party payment service provider."

"We understand from our third party payment service provider that Bank Transfer withdrawals will also be impacted and we will advise users on timeline when this is confirmed," it added.

Fellow Binancians,

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

Binance said it is now working to find an alternative provider to continue offering AUD deposits and withdrawals to its users.

The ability to buy and sell crypto using credit or debit cards is still available, it added.

Binance just got de-banked in Australia

which country is next? pic.twitter.com/SiLBrj9pYu
— Liquidity Goblin (@liquiditygoblin) May 18, 2023

"Notably, you can still buy and sell crypto using credit or debit card and our Binance P2P marketplace will also continue to operate as usual. 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," it added.

AUD withdrawals are seemingly still able to be undertaken for now. Cointelegraph's Australian staff wereable to withdraw AUD into an Australian bank account at the time of writing.

The suspension comes a month after the Australian securities regulator cancelled the financial services license of Binance Australia Derivatives after it reviewed Binance's local operations.

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