Have Funds on Binance Australia? Here are Your Options To Withdraw

What happened to Binance?

In May 2023, Binance stopped accepting withdrawals in Australia’s native currency, AUD. 

Panic was quick to take hold, as blocking withdrawals is usually the first step exchanges take on the path to bankruptcy. Luckily for Aussie investors, there was no need for major alarm.

To provide fiat currency services to Australian customers, Binance partnered with a third-party payments provider – Cuscal.

However, as part of anti-crypto banking rhetoric across Australia, Cuscal cut off ties with Binance, giving the platform barely 24 hours’ notice. 

The result? Australians could no longer withdraw or deposit AUD.

As traders geared up for the Australian Dollar becoming unavailable on Binance, liquidity sunk and trading pairs involving the fiat currency took a hit. Some investors were able to purchase crypto assets like Bitcoin for nearly AUD $8,000 (22% discount) cheaper than on other exchanges.

To stop the bleeding, Binance slowly wound down AUD-based trading pairs in preparation for the full cessation of support for the Australian Dollar.

A few months later, in November 2023, Binance Global was charged with fraud and money laundering by the U.S. Department of Justice (DOJ), resulting in $6 billion worth of corporate penalties.

Related: Binance Australia review

What does this mean for Binance Australia?

The crypto trading platform still serves Aussie customers, but its status as the most popular international exchange within the country may have been impacted.

Beginners may want to consider an alternative platform to begin their crypto investment journey. A local Australian exchange is much less likely to encounter issues with its banking partner compared to an international company like Binance. However, big-money investors will likely still enjoy Binance Global’s deep liquidity and lengthy list of trading pairs.

Australian users who wish to buy crypto through the Binance exchange can still do so – it is just much less convenient. The only available deposit methods are P2P, credit/debit card or third-party gateways, all of which are slower and more expensive than AUD bank transfers.

Similarly, Australian customers can withdraw assets from the Binance exchange, just not directly into AUD. 

If I have funds on Binance, what are my options?

There are several options for Aussies that have funds on the exchange. 

Withdraw to another Australian exchange

Withdrawing from Binance to an Australian exchange is much like sending crypto from one wallet to another. Here’s what you need to do:

Step 1: Navigate to assets page

Log into your Binance account and find the “Assets” tab (on the left-hand navigation pane). Here you should see all of your portfolio, including both crypto and fiat.

Step 2: Swapping AUD to Stablecoins

If you have an AUD balance in your account you may have to swap it for a digital currency on Binance to withdraw the funds. Using the AUD to buy a stablecoin such as USDT means investors will only lose out on trading fees.

Step 3: Retrieve the receiving/deposit address

On the new exchange – for this example, let’s say Swyftx – head over to the wallets (or similar) tab and find the unique wallet address for the crypto you want to withdraw. Copy the deposit address for the new exchange and take note of its network. You must send the cryptocurrency across the correct network, or you may lose your funds permanently.

Step 4: Input the receiving/deposit address & confirm

Now, switch back to Binance and select “withdraw” next to the cryptocurrency you wish to transfer. This will bring up a page with two boxes – “Address” and “Network”. Simply paste the deposit address from before, while ensuring to select the correct Network. Confirm the amount of BTC to transfer (accounting for network fees) and click the yellow “Withdraw” button.

Step 5: Verification and authentication

To confirm the transaction, users will likely need to verify their identity through authentication methods such as email and Google Authenticator. This is a good time to double-check the transaction address. 

Step 6: Check withdrawal

Once everything is finalised, the withdrawal should be completed within ten minutes (but may take longer depending on the coin being transferred).

Keep funds on Binance

Keeping your funds on Binance is a viable option, especially if you plan to actively trade cryptocurrencies. There are no restrictions on Aussies swapping digital currencies – it’s only AUD-related activities that have been affected.

Withdraw to another wallet

Withdrawing cryptocurrency to a self-custodial wallet is highly recommended for investors with long-term financial goals. This gives them total control over their own assets. Popular wallets include Exodus Wallet, Trust Wallet, Metamask and Coinbase Wallet. 

Transferring funds from Binance to a self-custodial wallet follows almost the exact same steps outlined in the previous “Withdrawing to an Australian exchange” section.

There are ways to deposit AUD into Binance, despite their restrictions. Click the link to learn more.