Binance Australia Review | Is Binance Legal In Australia?

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Binance is partially operational in Australia. Its derivatives services were discontinued after the Australian Securities and Investments Commission(ASIC) canceled its license in April 2023 due to regulatory concerns. While spot trading remains available, Binance has faced additional challenges, such as the suspension of AUD deposits and withdrawals via PayID by third-party providers. Australian users can still trade on the platform but should stay updated on regulatory developments and ensure compliance with local laws.

Binance is one of the top crypto exchanges. Many people have questioned the legality of Binance UK, Binance Nigeria, Binance South Africa, and Binance Australia. This post will discuss Binance Australia, which operates as a branch of the globally renowned Binance platform, a leading player in the cryptocurrency exchange sphere.

As a regulated entity, Binance Australia follows stringent protocols and guidelines set by regulators to ensure its operations are secure, transparent, and compliant with Australian financial regulations. However, it's crucial to note that the parent company, Binance, has had its Australian financial services license canceled by the Australian Securities and Investments Commission (ASIC), which could impact its local operations.

Is Binance legal in Australia?

Since April 2023, Binance’s operations in Australia have undergone changes due to regulatory actions. The Australian Securities and Investments Commission (ASIC) canceled the financial license for Binance Australia Derivatives at the company’s request, following concerns about how it categorized retail and wholesale clients. From April 14, 2023, Binance stopped allowing new derivatives trades and asked users to close existing positions by April 21.

While Binance has stopped its derivatives services in Australia, it still offers spot trading for users. However, the platform has faced hurdles, including the suspension of Australian dollar deposits and withdrawals via PayID, caused by changes from payment providers. Spot trading remains accessible, but Australian users should stay updated on any new regulatory changes to ensure smooth trading on the platform.

Binance Australia pros and cons

Cryptocurrency support. Binance Australia supports over 380 different cryptocurrencies. This wide variety of options gives users plenty of opportunities for diversification and the ability to participate in emerging trends in the vast crypto market.
Low trading fees.Binance charges a meager trading fee of 0.1%. This fee can be further reduced if paid using the platform's native Binance Coin (BNB). Low fees make Binance a highly cost-effective platform for regular trading.
Cashback offers. For new users who sign up through certain referral links, Binance offers up to $100 cashback vouchers. These vouchers can help offset trading costs and provide additional value for users.
Interface options. Binance offers three different interfaces: Basic, Classic, and Advanced. These options cater to a range of users, from beginners to experienced traders, allowing them to choose the interface that best suits their trading style and level of knowledge.
Staking. Users can earn interest on different cryptocurrencies by staking them on the exchange. This feature provides an additional income stream for users and is a great way to maximize the return on idle assets.

Limited features in Australia. Some of Binance's global features may not be available to Australian users, potentially limiting the platform's full utility.
Regulatory scrutiny. Binance has faced regulatory challenges in various jurisdictions, including Australia, which could impact service availability and user confidence.
Customer support concerns. Users have reported issues with customer support responsiveness, which can be a drawback for those requiring timely assistance.

How to withdraw funds from Binance?

Withdrawing cryptocurrency from your Binance account is straightforward. Here is a step-by-step guide:

Navigate to the “Wallet” tab located in the top-right menu of the Binance platform.

From the drop-down menu, select “Fiat and Spot”.
A list of cryptocurrencies you own will appear along with each balance. Locate the cryptocurrency you wish to withdraw and select “Withdraw”.

How to withdraw <span translate="no">AUD</span> from Binance

How to withdraw AUD from Binance

Go to the exchange where you wish to deposit your cryptocurrency, find the deposit address for the respective cryptocurrency, and copy this address.

How to withdraw AUD from Binance

Return to the Binance platform and paste the deposit address into the “Withdraw” window of the respective cryptocurrency. Make sure the withdrawal network matches the deposit address network.
Input the amount of cryptocurrency you wish to withdraw.
Click “Withdraw” and follow any additional security instructions provided.
Once your transaction has been processed, it will be sent to the blockchain. Depending on the network congestion, your deposit should appear in your new exchange account within minutes to hours.

It is always better to do regulatory checks

If you’re thinking about using Binance in Australia, don’t just dive in — start by making sure it meets AUSTRAC’s rules for money laundering and fraud prevention. Binance might be a big name, but it’s always smart to double-check if it’s sticking to local laws that protect your money. You can look this up on AUSTRAC’s website or keep an eye on updates from Australian regulators to be sure everything’s above board.

Another thing to check is how Binance handles your money. In Australia, good exchanges keep your deposits separate from their own business funds to avoid messy situations if something goes wrong. Ask Binance directly or look in their terms to see if they use separate accounts or offer any extra protections like insurance. Knowing this upfront makes sure your money is safe and helps you start trading with confidence.

Conclusion

Binance Australia is packed with features that appeal to crypto traders, but the legal situation around it is something you can’t ignore. While the platform’s low fees and diverse offerings make it attractive, recent regulatory changes in Australia could impact how it operates in the future. If you’re using Binance Australia, make sure to keep an eye on local laws and updates. At the end of the day, trading on platforms that play by the rules isn’t just smart — it’s the safest way to grow your portfolio without unexpected hurdles.

FAQs

Can Australia still use Binance?

Yes, Australians can still use Binance for cryptocurrency trading. However, it should be noted that Binance's Australian financial services license has been canceled, which may impact its operations.

Is Binance legit in Australia?

While Binance is a legitimate and globally recognized cryptocurrency exchange, its Australian financial services license has been canceled by ASIC, the financial regulator in Australia.

What happened to Binance Australia?

The Australian Securities and Investments Commission canceled Binance Australia's financial services license. However, the platform is still operational, and Australians can still use it for trading cryptocurrencies.

Can I use Binance Global in Australia?

Yes, Australians can use Binance Global. However, users should know that Binance Global does not hold an Australian financial services license.

Team that worked on the article

Parshwa is a content expert and finance professional possessing deep knowledge of stock and options trading, technical and fundamental analysis, and equity research. As a Chartered Accountant Finalist, Parshwa also has expertise in Forex, crypto trading, and personal taxation. His experience is showcased by a prolific body of over 100 articles on Forex, crypto, equity, and personal finance, alongside personalized advisory roles in tax consultation.

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Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.

As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).