Cryptocurrency exchange Binance has announced that it will suspend Bitcoin (BTC) spot trading activity with the Australian dollar (AUD) on June 1, according to people familiar with the matter. statement May 26th.
In addition, the exchange has spot trading activity for other top cryptocurrencies including Cardano (ADA), Ethereum (ETH), Dogecoin (DOGE), XRP, BNB, Solana (SOL), Polygon (MATIC) and AUD on the same day. I plan to remove it. .
Binance said users can continue to trade the affected assets on other trading pairs within the platform. However, the trading bot service for the aforementioned pair will be terminated.
Earlier this week, Binance ended supporting spot trading activity for eight digital assets paired with the Australian dollar.
Binance faces tough regulation in Australia
This shortcoming comes at a time when Binance’s operations in Australia face intense regulatory scrutiny.
The exchange canceled its derivatives license with the Australian Securities and Investments Commission (ASIC) in April. At the time, financial regulators said they were investigating whether the platform complies with local laws.
Binance announced on May 18 that it was no longer able to process users’ AUD deposits because third-party payment service provider Cascal had stopped providing services to the company. On the same day, Australia’s oldest bank Westpac banned cryptocurrency trading with anonymous exchanges.
Binance BTC Trading Volume Drops
Meanwhile, Binance’s market share in BTC spot trading activity has fallen from 85% recorded in February 2023 to around 40%. crypto slate The report cited data from CoinShares.
The drop coincided with a time when Binance faced increasing regulatory troubles on multiple fronts, according to the report.
In March, the U.S. Commodity Futures Trading Commission (CFTC) sued Binance and its CEO Changpeng “CZ” Chao for violating the Commodities Act. Regulators alleged that the exchange illegally facilitated the trading of commodity derivative orders for US citizens.
On May 12, the exchange withdrew from the Canadian market, citing Canadian regulatory guidance as a hindrance to its operations.
Additionally, Binance has struggled to find new banking partners after it suspended its US dollar bank transfer and GBP services for new users earlier this year.
