Binance, the world’s largest cryptocurrency exchange, has suspended its Australian dollar services. The move comes after a payment provider cut off service to the exchange, disrupting its banking arrangements.

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Fast facts

  • “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,” Binance Australia tweeted on Thursday.
  • The suspension of the services is a major blow to Binance’s operations in Australia. The exchange had been one of the most popular cryptocurrency platforms in the country.
  • Binance’s announcement comes at a time of growing regulatory scrutiny on cryptocurrency exchanges. In recent months, regulators around the world have been cracking down on crypto trading platforms, citing concerns about market manipulation and investor protection.
  • Last Friday, Binance was hit with regulatory hurdles in North America. It announced that it would cease operations in Canada due to tightened crypto rules.

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