Crypto trade Binance introduced it will cease Bitcoin (BTC) spot buying and selling actions with the Australian Greenback (AUD) on June 1, in accordance with an announcement 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 stated its customers can nonetheless commerce the affected belongings on different buying and selling pairs inside its platform. Nevertheless, it will terminate its Buying and selling Bots companies for the talked about pairings.
Earlier within the week, Binance ended assist for spot buying and selling actions of eight digital belongings paired with the AUD.
Binance going through 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 stated it was investigating the platform’s compliance with native legal guidelines.
On Might 18, Binance stated it may not course of Australian Greenback deposits for customers as a result of its third-party fee service supplier Cuscal stopped offering its companies 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 line with 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 companies for brand spanking new customers earlier this yr.
