Binance Australia claims that the payment provider's service cuts have interrupted banking.

An illustration from Reuters depicts the cryptocurrency and the Binance logo.

In this image from March 4, 2022, the cryptocurrency is depicted in front of the Binance logo. Reuters / Illustration by Dado Ruvic
Reuters, May 18 - Sydney The largest cryptocurrency exchange in the world, Binance, announced on Thursday that some Australian users will no longer be able to deposit or withdraw money after a third-party service provider cut off its service.

After payment processor Cuscal blocked access, Binance announced on social media that users will no longer be able to make Australian dollar deposits via bank transfer as of right away. It stated that withdrawals would likewise be stopped but did not specify when.

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"We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users," Binance stated in a statement.

A request for comment from Cuscal did not receive a prompt response.

The country's second-largest retail bank, Westpac Banking Corp (WBC.AX), reportedly forbade customers from conducting business with Binance, according to a separate story in the Australian Financial Review.

When contacted by Reuters, Westpac was unavailable to comment right away.

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In a previous statement, it claimed that blocking some cryptocurrency transfers had helped to cut down on losses brought on by frauds. It offered no additional information or exchange identification.

After giving up a financial services license, this is Binance's Australian operation's second setback in as many months.

during a regulatory inquiry in April.

Around the world, Binance is defending itself against legal actions and inquiries.

The U.S. Commodities Futures Trading Commission (CFTC) filed a lawsuit against Binance and Changpeng Zhao, the company's founder, in March for running what the regulator claimed was a "illegal" exchange.

According to Binance, customers can still make purchases using credit or debit cards.

Lewis Jackson and Byron Kaye reported from Sydney; Christopher Cushing edited the story.
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