Binance Halting trade with Australian Dollar

Binance has been facing issues in Australia. Even Westpac Bank had announced that they're not going to support the transfer to the binance cryptocurrency exchange and this was the beginning it seems and in this situation the exchange has finally announced that they're going to remove the AUD pairs effective 1 June 2023.

Binance has also been going through come compliance process through Australian Securities and Investments Commission (ASIC) and because of this ongoing regulations issue. Binance is a leading cryptocurrency exchange and in few countries they're facing this type of issues. The situation has been the same in US as well. This year 2023 has been more of cryptocurrency regulations and exchanges are going through this situation where either the authorities or the banks are creating issues.

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This pair removal is only for AUD pairs as of now but this can be one of the decision taken by the exchange to avoid any issues in Australia. Exchangea are expanding globally and they're are also facing issues. Regulation and compliances are necessary to avoid the situation like FTX which had created a bad situation for cryptocurrencies users in the world.

Having the regulation in place will avoid this in future but the way it is happening is also creating chaos for the exchanges. It's not just binance but also for some other exchanges. Binance as a exchange has also observed some drop in the value in market share.

It seems that Binance exchange is not much worried about the declining volume but they're trying to deal with the current ongoing situation and doing whatever is needed to avoid any compliance regulation situation in various geographical places. The exchange provide trading with Fiat currency in selected countries and even India they're are not providing the same.

Situation is not good in multiple countries in terms of the regulation and compliance and because of what we have seen in the past can trigger the same in multiple countries. India is also one of the country where we can see similar situation but can't say if this will improve in next few years or not.

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