![]() ![]() ![]() “This is a learning opportunity for us and we’ll do our best to prevent this from happening again.” We will continue to monitor on-chain activity and adjust accordingly if needed,” Binance said. “To prevent a similar recurrence in the future, our fees have been adjusted. They replaced the pending bitcoin withdrawal transactions with a higher fee to ensure they would be picked up by mining pools. On May 8, Binance explained that the pause was because “our set fees did not anticipate the recent surge in $BTC network gas fees”. The latest problems with transactions at Binance comes just 10 days after the world’s largest crypto exchange was forced to temporarily close bitcoin withdrawals “due to the large volume of pending transactions.” We understand from our third party payment service provider that Bank… We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. The federal government has yet to release its response to the recommendations in the Financial Regulators paper. The paper was commissioned in response to the final report of the Senate Select Committee on Australia as a Technology and Financial Centre. In October last year, the Council of Financial Regulators released a paper on potential policy responses to address the issue. It has been a major issue for fintechs in Australia, especially for the crypto sector. “Rest assured that your funds are safe through the Secure Asset Fund for Users (SAFU), an insurance fund that offers protection to Binance users and their funds in the event of extreme situations,” Binance said.ĭe‑banking is where a bank declines to offer or withdraws banking services to a customer. The exchange said customers can still buy and sell crypto using credit or debit card and the Binance P2P marketplace. “We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users,” Binance said in a tweet. They change to PayID deposits is effective immediately. The change also impacts Binance Australia’s Bank Transfer withdrawals, with the exchange saying it will advise users on timeline when this is confirmed. Westpac says it is not the third party provider involved. The bebanking of Binance comes as Westpac launched a crackdown on scams, with a specific focus on cryptocurrency exchanges. ![]() Crypto investors hoping to get their cash in a hurry through Binance Australia will be forced to wait a day or two longer after the crypto exchange said it has been forced to stop offering PayID deposits for Australian dollar account holders following “a decision made by our third party payment service provider”. ![]()
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