Binance’s Australian branch today announced that it is “unable to facilitate PayID deposits” for its users.

The crypto exchange attributed the loss of the onramp “to a decision made by our third-party payment service provider” and says bank transfer withdrawals have also been affected. 

Cuscal is reportedly the service provider in question. Cuscal did not immediately respond to Decrypt’s request for comment. 

“We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users,” the announcement read. 

PayID is a domestic payments organization that lets users give a memorable piece of information to receive payments–like mobile numbers or email addresses–instead of bank account numbers. 

The news comes over a month after the Australian Securities and Investments Commission (ASIC) canceled the exchange’s license for its derivatives business following a request from the exchange itself, which will use the winding down to “pursue a more focused

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Author: Tim Hakki

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