Binance stopped supporting the Australian dollar trading pair because its bank partners stopped cooperating with it. As a result, AUD experienced a premium due to the lack of liquidity on the exchange.
Binance stops supporting Australian dollar trading pair
Binance announced that it will remove the following spot trading pairs and stop trading at 14:00 on June 1, 2023 (GMT+8). This announcement is all Australian dollar trading pairs:
Spot trading pairs: ADA/AUD, AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, GALA/AUD, MATIC/AUD, SOL/AUD, XRP/AUD
A few days ago, Binance Australia announced on May 18 that due to the decision of the third-party payment service provider, Binance will not be able to provide users with PayID for Australian dollar deposits, effective immediately.
(Binance also stopped Australian derivatives: Binance proactively revoked its Australian financial services license)
Changpeng Zhao (CZ) explained: Because bank partners stopped cooperation
Australian users complained why Binance wanted to shut down Australian fiat currency services. Changpeng Zhao explained that this was not Binance’s decision, but that their bank partners stopped cooperating. Without the fiat currency channel, there is no way to support the deposit and withdrawal of Australian dollars, so there is no liquidity in the trading pair.
Not our decision. It's a decision by the fiat channel, ie, banking partner stopped working with us. Without the fiat channel, there isn't a way to deposit or withdraw AUD, then no point/liquidity in having the pair.
— CZ Binance (@cz_binance) May 27, 2023
Lack of Australian Dollar (AUD) Liquidity, Binance Sees Premium
Due to the lack of liquidity in AUD, Binance’s AUD/USDT market saw a single-day increase of more than 22%:
AUD Premium
This article Binance stops supporting the Australian dollar trading pair, and Binance Australian dollar (AUD) shows a premium first appeared on Chain News ABMedia.
