Binance Australia Users Panic Sell as PayID Cuts Ties

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  • Binance Australia users have been selling crypto at a 20% discount
  • Bank account withdrawals are being halted tomorrow, and users are cashing out while they can
  • British Binance users lost their ability to withdraw to bank accounts this month too

Binance Australia users have been selling their holdings at a discount as the company announced that users would no longer be able to withdraw Australian dollars to their bank accounts. The exchange announced two weeks ago that bank deposits and withdrawals were to be suspended after the popular PayID network cut ties, and with the deadline for withdrawals now mere hours away users have been selling their coins at a discount in order to cash out while they can.

PayID Steps Back From Binance Australia

Binance Australia revealed the unfortunate news on May 18 that bank account services were to be pulled following PayID’s decision to end its association, although four days later it managed to arrange an extension to withdrawals:

As the deadline approaches, Bloomberg has reported that users have been selling coins at a discount in order to get out while they can, seemingly fearful that a replacement processor won’t be coming on board anytime soon. Bloomberg reports that the likes of BTC, ETH and SOL have been trading at up to 20% lower than market prices, representing a steal for those who are able to cash out elsewhere or are happy to wait for brighter days ahead.

Australia Echoes UK Woes

PayID’s decision to sever its link with Binance represents an alarming trend. Binance users in the UK recently had their bank account withdrawals cut off after payment processor Skrill cut ties with the exchange. Binance has been making headlines for the wrong reasons in recent months and, no matter what the truth of otherwise behind the headlines, payment processors are clearly concerned enough about what they’ve read to distance themselves from Binance.

Binance Australia was keen to reassure users that they can still buy crypto with Apple Pay, credit cards and through its peer-to-peer service, but the convenience of a direct bank account withdrawal cannot be overstated.

Binance Australia reported that it is “working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users,” which is identical to the brushoff that this outlet was given when we enquired about the state of GBP withdrawals.

Don’t expect progress on these fronts anytime soon.