Binance to halt Bitcoin spot trading with Australian Dollar

Crypto trade Binance introduced it could cease Bitcoin (BTC) spot buying and selling actions with the Australian Greenback (AUD) on June 1, in keeping with a statement on Might 26.

Moreover, the trade would take away spot buying and selling actions for different prime cryptocurrencies like Cardano (ADA), Ethereum (ETH), Dogecoin (DOGE), XRP, BNB, Solana (SOL), and Polygon (MATIC) paired with AUD on the identical day.

Binance mentioned its customers can nonetheless commerce the affected belongings on different buying and selling pairs inside its platform. Nevertheless, it could terminate its Buying and selling Bots providers for the talked about pairings.

Earlier within the week, Binance ended support for spot buying and selling actions of eight digital belongings paired with the AUD.

Binance dealing with regulatory warmth in Australia

This downside is coming when Binance’s operation in Australia faces a lot regulatory scrutiny.

In April, the trade canceled its derivatives license with the  Australian Securities and Investments Fee (ASIC). On the time, the monetary regulator mentioned it was investigating the platform’s compliance with native legal guidelines.

On Might 18, Binance said it may now not course of Australian Greenback deposits for customers as a result of its third-party fee service supplier Cuscal stopped offering its providers to the agency. On the identical day, Australia’s oldest financial institution, Westpac, banned crypto transactions to unnamed exchanges.

Binance’s declining BTC quantity

In the meantime, Binance’s market share for BTC spot buying and selling actions dropped to round 40% from 85% recorded in February 2023, CryptoSlate reported, citing knowledge from CoinShares.

In response to the report, the decline coincided with a interval the place Binance confronted elevated regulatory troubles from a number of fronts.

In March, the U.S. Commodity Futures Buying and selling Fee (CFTC) sued Binance and its CEO, Changpeng ‘CZ’ Zhao, over violations of the commodities legislation. The regulator alleged that the trade illegally facilitated the buying and selling of by-product orders on commodities for U.S. residents.

On Might 12, the trade exited the Canadian market, citing the nation’s regulatory steerage as a hindrance to its operations.

Moreover, Binance has struggled to search out new banking companions because it suspended USD-denominated financial institution transfers and GBP providers for brand spanking new customers earlier this 12 months.

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