Binance Australia, the Australian arm of global cryptocurrency giant Binance, posted an update on Twitter today, saying that its users can continue to withdraw Australian dollars via bank transfers until 17:00 AEST on June 1, 2023. The branch has confirmed this with local payment partners.

Binance Australia has been unable to offer PayID AUD deposits to Binance users since last Thursday, citing a decision made by a third-party payment service provider.

Binance Australia is currently working to find an alternative provider to continue offering Australian dollar deposit and withdrawal services to its users.

Users will still be able to buy and sell cryptocurrencies via debit and credit cards.

"Rest assured that your funds are safe through the User Safe Asset Fund (SAFU), an insurance fund that protects Binance users and their funds in the event of extreme circumstances," Binance Australia said in a tweet.