Binance's Australia Shake-Up: Are AUD Bank Transfers Gone For Good?
Portfolio Pulse from Murtuza Merchant
Binance Australia has suspended Australian Dollar (AUD) bank transfers and halted trading pairs with AUD as of June 1. Users can convert their AUD balances to Tether (CRYPTO: USDT) for transactions or withdrawals. Binance is searching for an alternate provider to restore AUD deposit and withdrawal services.
June 02, 2023 | 2:37 pm
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POSITIVE IMPACT
Binance Australia users can convert their AUD balances to Tether (CRYPTO: USDT) for transactions or withdrawals, potentially increasing demand for USDT.
As Binance Australia suspends AUD bank transfers and trading pairs, users are given the option to convert their AUD balances to Tether (USDT) for transactions or withdrawals. This may lead to an increase in demand for USDT in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 75
NEUTRAL IMPACT
Binance Australia's suspension of AUD bank transfers and trading pairs may impact Bitcoin's trading price on the platform.
The suspension of AUD bank transfers and trading pairs on Binance Australia may cause a discrepancy in Bitcoin's trading price on the platform compared to other exchanges. However, the overall impact on Bitcoin's price is uncertain as Binance is seeking an alternate provider to restore services.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50