In response to a Could 26 assertion, cryptocurrency trade Binance has introduced that it’s going to droop Bitcoin (BTC) spot buying and selling exercise with the Australian greenback (AUD) on June 1.

As well as, the trade additionally recorded spot buying and selling exercise for different high cryptocurrencies together with Cardano (ADA), Ethereum (ETH), Dogecoin (DOGE), XRP, BNB, Solana (SOL), Polygon (MATIC) and AUD on the identical day. goes to be eliminated. .

Binance stated customers can nonetheless commerce the affected property on different buying and selling pairs throughout the platform. Nonetheless, the buying and selling bot service for the aforementioned pair will probably be terminated.

Earlier this week, Binance ended supporting spot buying and selling exercise for eight digital property paired with the Australian greenback.

Binance faces regulatory overheating in Australia

This shortcoming comes at a time when Binance’s operations in Australia face intense regulatory scrutiny.

The trade canceled its derivatives license with the Australian Securities and Investments Fee (ASIC) in April. On the time, monetary regulators stated they had been investigating whether or not the platform complies with native legal guidelines.

Binance introduced on Could 18 that it was now not capable of course of customers’ AUD deposits as a result of third-party cost service supplier Cascal had stopped offering companies to the corporate. On the identical day, Australia’s oldest financial institution Westpac banned cryptocurrency buying and selling with nameless exchanges.

Binance BTC Buying and selling Quantity Drops

In the meantime, Binance’s market share in BTC spot buying and selling exercise has fallen from 85% recorded in February 2023 to round 40%. crypto slate The report cited knowledge from CoinShares.

The drop coincided with a time when Binance confronted rising regulatory troubles on a number of fronts, in keeping with the report.

In March, the U.S. Commodity Futures Buying and selling Fee (CFTC) sued Binance and its CEO Changpeng “CZ” Chao for violating the Commodities Act. Regulators alleged that the trade illegally facilitated the buying and selling of commodity spinoff orders for US residents.

On Could 12, the trade withdrew from the Canadian market, citing Canadian regulatory steerage as a hindrance to its operations.

Moreover, Binance has struggled to search out new banking companions after suspending its USD financial institution switch and GBP companies for brand new customers earlier this yr.