Binance Australia announced the suspension of its dollar services in response to instructions from its payments provider Zepto, who was directed to cease support for Binance by partner banking and payments provider Cuscal. The move impacted approximately 1 million Australian customers and caused concern due to the lack of information provided initially. The reasons for the suspension were not transparent and negatively affected the media and customers’ perception of the exchange. The broader local cryptocurrency industry was also affected as another major Australian bank, Westpac, declared its plan to restrict payments to cryptocurrency exchanges. Despite this, Binance users are still able to use other methods such as bank cards. Binance Australia was given only 12 hours’ notice before the disconnection, but has not disclosed further details about finding an alternative payments provider. The platform emphasized the importance of collaborating with regulators and the banking sector and urged Australia to implement sensible licensing measures promptly to stay on par with other jurisdictions.
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