Binance Removes Top Crypto AUD Trading Pairs

Binance, the world’s largest cryptocurrency exchange, has announced the removal of several trading pairs, including those involving the Australian Dollar (AUD), from its platform. The news comes amid regulatory challenges faced by the exchange in Australia. Binance has been under investigation by the ASIC regarding its operations and compliance with local regulations.

Binance Halts Spot Trading Pairs

In the blog post titled “Notice of Removal of Trading Pairs,” they revealed that the following spot trading pairs would be removed and cease trading on specific dates and times:

At 2023-05-26 03:00 (UTC): APT/BRL, AMP/BTC, BEL/ETH, FIS/BRL, GAL/ETH, GMT/BRL

At 2023-05-26 05:00 (UTC): APE/AUD, AVAX/AUD, AXS/AUD, DOT/AUD, FTM/AUD, LINK/AUD, SAND/AUD, SHIB/AUD

At 2023-05-26 06:00 (UTC): GMT/GBP, JASMY/BTC, KP3R/BNB, REI/BNB, SANTOS/BRL, STMX/BTC, XTZ/BNB

Binance clarified that users would still be able to trade the affected assets on other available trading pairs within the platform. Additionally, the exchange announced the termination of Trading Bots services for the mentioned spot trading pairs on the respective dates and times.

Binance Licence Cancelled In Australia

The removal of AUD trading pairs, scheduled to take effect on May 26, 2023, is seen as a strategic move by Binance in response to the regulatory challenges it faces in the country.

ASIC cancelled the Australian financial services license of Oztures Trading Pty Ltd, operating as Binance Australia Derivatives, following a request from the company. The cancellation was in response to ASIC’s ongoing “targeted review” of exchange, which began after it was misclassified some retail investors as wholesale investors.

Read More About ASIC and Binance..

Coingape reported that Binance suspended Australian dollar (AUD) services last week.

Exchange said in a statement it had decided to pursue a “more focused approach” in Australia after “recent engagement with ASIC”.

Australia probe is not in vaccum, the exchange is facing United States Commodities Futures Trading Commission (CFTC) lawsuit and other regulatory actions in the United Kingdom, Japan, Italy, and Singapore.