• Binance Australia is suspending Australian dollar services after its third-party payments provider.
• Deposits via bank transfer have been halted and withdrawals using the PayID service will end on June 1.
• Bitcoin BTC can be bought for a discount of 21% if traded against the Australian dollar.

Binance Australia Suspends Services

Binance Australia has announced that it is suspending Australian dollar services due to a decision by its third-party payments provider. This means that deposits via bank transfer have been halted immediately, with withdrawals using the PayID service remaining open until June 1 at 5 pm local time.

Discounted Bitcoin

As a result of this announcement, traders are rushing to cash out their crypto holdings into Australian dollars before the door for local bank withdrawals closes in a few days. Currently, one Bitcoin can be purchased for only 33,750 Australian dollars, which is equivalent to around $21,987 or 21% lower than the global spot rate.

Cashing Out Difficulties

Those hoping to capitalize on this discounted Bitcoin may find it difficult as there is no ability to deposit Australian dollars into the trading wallet and hefty premiums for converting other crypto assets into Australian dollars. Additionally, Binance warned users about delisting several crypto trading pairs with Australian dollars on June 1 and urged customers to “pay attention to the risks when trading.”

Alternatives To Bank Transfers

Binance said it is still looking for an alternate payment provider to offer Australian dollar deposits and withdrawals but users can still buy and sell crypto using credit or debit cards with prices in line with market rates. Additionally, Aussie users can also use P2P services to buy and sell cryptocurrency on Binance without having to use bank transfers as well as other alternatives depending on their location and preferences.


In conclusion, Binance Australia has suspended their services due to a decision made by a third-party payments provider causing traders rush to cash out before they are unable too anymore without any banking options available afterwards. However, there may still be some opportunities left as Bitcoin remains discounted if traded against Australian Dollars although getting funds there may be difficult in some cases given certain limitations that exist currently such as hefty premiums when converting other cryptocurrencies into AUDs or lack of banking options altogether afterwards from June 1st onwards .

By admin