In a series of recent developments, cryptocurrency exchange Binance has announced the removal and cessation of trading on multiple spot trading pairs, including popular digital assets like Apecoin and Shiba Inu, paired with the Australian Dollar (AUD). The removal of spot trading activities for these assets is scheduled to take place on June 1, 2023, at 06:00 (UTC).
The spot trading pairs that will be affected include ADA/AUD, AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, GALA/AUD, MATIC/AUD, SOL/AUD, and XRP/AUD.
Additionally, Binance had previously announced the removal of other trading pairs, namely APE/AUD, AVAX/AUD, AXS/AUD, DOT/AUD, FTM/AUD, LINK/AUD, SAND/AUD, and SHIB/AUD. These removals were set to take effect on May 26.
Binance did mention that it will terminate its Trading Bots services for the mentioned pairings. Users who have been utilizing trading bots for these specific pairs are advised to update or cancel their trading bots before the cessation of this service. By doing so, users can avoid potential losses that may arise due to the discontinuation of Trading Bots services.
These changes in trading pairs and termination of Trading Bots services come in the wake of recent issues faced by Binance’s Australian operation. Just days prior to these announcements, Binance disclosed that it would no longer process PayID Australian Dollar deposits for its users. The decision was attributed to the third-party payment service provider Cuscal, which had ceased providing its services to the platform.
Adding to the complications, Westpac, Australia’s oldest bank, subsequently imposed a ban on cryptocurrency transactions to specific exchanges. It is believed by some industry insiders that Binance was among the affected exchanges. The increased scrutiny from financial institutions and regulators in Australia has raised concerns about compliance with local regulations for Binance.
In fact, the Australian Securities and Investments Commission (ASIC) has initiated an investigation into Binance’s compliance practices. The exchange had already voluntarily canceled its derivatives license with the financial regulator in April, citing a strategic decision.
These recent developments highlight the challenges faced by Binance as it navigates regulatory landscapes and addresses operational issues in various jurisdictions. Binance remains a prominent player in the cryptocurrency industry and has a global user base. The exchange continues to work towards providing a secure and reliable trading environment for its users while adapting to evolving regulatory requirements.
Source: https://azcoinnews.com/binance-continues-delisting-with-11-more-australian-dollar-trading-pairs-following-removal-of-8-pairs.html
