It's one of the world's biggest cryptocurrency exchanges, but Binance currently doesn't support buying or selling crypto using Australian dollars.
For anyone who already has coins on Binance, or likes to use it to trade, this means the withdrawal process is now a little more complicated than it used to be.
But don't fret, it's still relatively easy to withdraw your holdings from Binance and back into AUD.
You have 3 main options if you have your crypto on Binance Australia:
You can easily withdraw your cryptocurrency and move it to another Australian exchange. You can either leave it there, or sell it and withdraw AUD from the new exchange.
You can compare a list of the best exchanges in Australia in this guide. All of the exchanges in this list (excluding Binance) accept AUD.
If you are looking for an exchange with a similar range of coins to Binance that also offers AUD withdrawal, then you may want to consider CoinSpot, Swyftx or Coinstash.
Some exchanges, like Swyftx, also offer free transfers from Binance provided you transfer your coins using an API key.
Choosing an exchange with a wide range of coins makes it more likely that they will be able to accept the assets you have stored on Binance.
Once you have chosen a new exchange, you can withdraw your crypto from Binance by doing the following (note that these instructions are based on using a computer with the desktop version of the exchange).
Remember that cryptocurrency transactions are irreversible, and you cannot recover lost funds. Reach out to either exchange's customer support team if you're unsure about what you're doing at any point.
Self-custody is a cornerstone of cryptocurrency.
Self-custody refers to storing your cryptocurrency in a wallet that only you own the private keys to. Private keys can be thought of like a special, extra secure password.
This is the opposite of keeping your crypto on an exchange, where the exchange ultimately controls your private keys and therefore your crypto.
By transferring your funds off an exchange and into a wallet, you help reduce the counterparty risk associated with an exchange.
The most secure way to store your crypto like this is with a hardware wallet – a specialised device similar to a USB drive.
Hardware wallets cost money (starting from about $76 AUD), but are considered the most secure way to store cryptocurrency and should be seriously considered by anyone who can't afford to lose their investment.
Read more: Compare the best hardware wallets in Australia
Alternatively, there are a range of free software-based wallets which run on a smartphone or computer.
You can read more about hardware and software wallets in our dedicated guide.
Mind you, self-custody isn't for everyone. It requires a bit of learning to get started, and the burden of responsibility shifts from the exchange to you.
You need to safely secure your backup seed phrase, which is the only way to regain access to your wallet in the event you lose your private keys or password.
There is no customer service team that can restore access to your wallet if you lose access to the private keys, unlike an exchange which usually just requires a selfie with photo ID to reset a password.
If you plan to store your cryptocurrency long-term, then it's generally advisable to move it to a self-custodial wallet.
However, if you plan to continue trading frequently, you may want to keep in on an exchange.
The only change to Binance's services in Australia is AUD deposits and withdrawals from bank accounts. You can still trade as normal.
Mind you, it's worth noting that Binance is under regulatory pressure in the US and in several other jurisdictions which may cause disruptions to its services in the future.
Also keep in mind that no exchange is 100% secure, and always at risk of hacks or human error.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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