Thursday, June 20, 2024

Binance Halts Certain Trading Pairs and Disables PayID AUD Deposits Amid Tightening Australian Regulations

In an ongoing adaptation to tighter Australian regulations, Binance, the world’s largest cryptocurrency exchange, has announced significant changes affecting its Australian users.

Firstly, Binance will cease trading on several spot trading pairs tied to the Australian Dollar (AUD) effective from June 1, 2023, at 06:00 (UTC). The affected pairs include ADA/AUD, AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, GALA/AUD, MATIC/AUD, SOL/AUD, and XRP/AUD.

Despite this shift, the platform reassures users that they can continue to trade these cryptocurrencies via other trading pairs available on the exchange. Additionally, it’s crucial for those using trading bots on the aforementioned pairs to update or cancel them before the given date to avoid potential losses.

This announcement follows a recent tweet from Binance on May 18, 2023, informing users of an immediate halt to PayID AUD deposits. This action was necessitated by a decision from their third-party payment service provider. The move further exemplifies Binance’s ongoing adjustment to changing regulatory norms in Australia.

Binance urges users to stay updated and make necessary changes in line with these amendments to ensure smooth trading experiences. Users are also reminded that in case of any translation discrepancies, the original English announcement will prevail.

The regulatory landscape for cryptocurrency in Australia is tightening, and exchanges like Binance continue to adapt their operations to comply with these evolving standards.

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