REMINDER: BINANCE FUNDS SUSPENSION DATE APPROACHING

REMINDER: BINANCE FUNDS SUSPENSION DATE APPROACHING

Australian Binance users are urged to take action on any and all current funds they have in Binance accounts and AUD pairs as of 16:00 June 1, 2023 AEST they will no longer be able paid digital assets with AUD.

Furthermore, any and all withdrawals to AUD bank accounts will cease at 17:00 June 1, 2023 AEST as Binance continues to have problems with Australian banks since the withdrawal of their financial services license to operate within Australia.

Australian Binance customers will still have access to USDT and are being informed that they may still wish to participate by switching their positions to USDT to provide liquidity pairs and to send the digital stable coin to other exchanges to sell and withdraw.

Binance confirms financial stability

In an email sent out to Australian customers Binance has confirmed user positions and funds are safe and they only impact is currently on deposit and withdrawals utilising PAY ID. While users will not be able to withdrawal funds Australian customers may still make deposits utilising debit cards but will need to wait clearance days.

Binance has been unable to rectify the issue with it's Australian market however, confirms it is still working on a solution which impacts its customers and will continue to keep people updated on progress as things emerge.

The reminder comes as the cut off date fast approaches and many Australian's still hold positions and funds with in Binance accounts which, for many may not have an exit strategy to ensure access to funds.

image source, Binance email

The news first broke around two weeks ago that Binance was having their PAY ID access withdrawn and with time running out for many users it may see many left with inaccessible funds.

Leo Finance will continue to follow the developing story closely and provide updates as they emerge.

For Australian users seeking an alternative or unsure where to turn to Coinspot an Australian exchange is unaffected from banking changes and still enables PAY ID access.

USDT can also be transferred to Coinspot for sale and AUD withdrawal.

Readers are advised to assess the situation and ensure the correct decision is made in order not to risk financial problems now and into the future.

image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.