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Binance cryptocurrency exchange has suspended deposits and withdrawals after cutting off the third-party payment provider


The Australian arm of Binance , the world's largest cryptocurrency exchange , said some local customers will not be able to deposit or withdraw funds after the third-party payment provider cut its service.

Binance said on social media that users are unable to make Australian dollar deposits via bank transfer with immediate effect, and added that withdrawals will also be cut, without elaborating, according to gadgets360 .

“We are working hard to find an alternative provider to continue offering Australian dollar deposits and withdrawals to our users,” Binance said in a statement.

The Australian Financial Review reported that the provider was Westpac Banking , the country's second largest retail bank.

It said in an earlier statement that it had blocked some cryptocurrency payments to reduce fraud losses, and did not identify the exchanges or provide any other details.

This is the second blow to Binance's Australian operation in as many months, after it relinquished its financial services license in April amid a regulatory investigation.

Binance said customers can still transact using credit or debit cards.