Binance halts support for AUD trading pairs, AUD premium on Binance

Due to its banking partner suspending cooperation, Binance has temporarily halted support for AUD trading pairs, resulting in a premium for AUD due to lack of liquidity on the exchange.

Binance to Cease Support for AUD Trading Pairs

Binance has announced that starting from 14:00 GMT+8 on June 1, 2023, the following spot trading pairs will be removed and trading will be halted, all of which are AUD 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

Previously, Binance Australia announced on May 18 that due to a decision by a third-party payment service provider, it would no longer be able to offer PayID for AUD deposits, effective immediately.

Binance also ceased Australian derivatives: Binance voluntarily surrendered its Australian financial services license

CZ Zhao Explains: Due to Bank Partner Ceasing Cooperation

Australian users complained about why Binance was closing its Australian fiat services. CZ Zhao explained that this was not Binance's decision, but rather their bank partner had ceased cooperation. Without a fiat channel, they could not support the inflow and outflow of AUD, resulting in a lack of liquidity in the trading pairs.

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 AUD Liquidity Leads to Premium on Binance

Due to a lack of liquidity in AUD, there was a daily increase of over 22% in the AUD/USDT market on Binance: