PSA: BREAKING NEWS Binance Suspends Deposits and Withdrawals

PSA: BREAKING NEWS Binance Suspends Deposits and Withdrawals

Effective immediately Binance has suspended PayID for AUD fiat deposits and withdrawals as their 3rd party provider has now suspended the companies access to service.

In an email witnessed by Leo Finance reporters no mention of reason was provided on why the service was revoked from Binance however, the company is seeking alternative measures to provide deposits and withdrawals to AUD Fiat users.

Binance utilises services from Westpac Bank Australia to enable PayID and while fiat is currently unable to be utilised depositing and trading from Crypto wallets is unaffected and services currently remain available and Binance reassured customers that their funds would be safe through the Secure Asset Fund for Users which is their insurance fund that offers protection to Binance users and their funds in the event of extreme situations.

WestPac's Ban

Westpac Bank's ban isn't only impacting Binance as the bank has pulled services to limit scams that have been undertaken using PayID in an attempt to protect customers and users of the service.

This ads further struggles to Binance whose financial license was cancelled in Australia and is unable to provide certain services to the Australian market.

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