Zhao and his company, Binance, had both pleaded guilty in November 2023 to operating without basic safeguards to prevent money laundering. Authorities alleged that they authorized transactions bound for “terrorists, cybercriminals and child abusers.”
Following the cancellation: with effect from 14 April 2023, clients will not be able to increase derivatives positions or open new positions with Binance; Binance will require clients to close any existing derivative positions before 21 April 2023; on 21 April 2023, Binance will close any remaining open positions.
Binance is a reputable platform trusted by over 270 million users. But it has been embroiled in several past controversies. The exchange operates its Secure Asset Fund for Users (SAFU) to ensure that Binance never leaves users out of pocket through its fault.
Investbybit Pty Ltd, Binance Global's Australian arm, is an AUSTRAC registered digital currency exchange provider. By transaction volume it is the world's largest centralised crypto exchange. Established in 2017, it holds regulatory approvals or permissions in around 20 jurisdictions.
All user deposits are backed 1:1 and fully secured by Binance. That means your funds are always safe and never at risk of disappearing. With 2FA, anti-phishing codes, and withdrawal whitelists, Binance uses advanced, multi-layered security that makes hacking nearly impossible.
A request for access is generally reviewed and approved within 3 business days, after which law enforcement agents may submit a request for information and upload the relevant supporting documents. Please note that requests which are not accompanied by copies of official supporting documents will not be processed.
Investing $1,000 in Bitcoin five years ago (around late August 2020) would have yielded significant returns, turning your investment into roughly $9,000 to over $10,000, potentially even higher depending on the exact date, due to Bitcoin's substantial growth, despite periods of sharp volatility like the late 2022 downturn.
The ATO uses information provided by exchanges like Binance to track crypto transactions and identify individuals who have not met their tax obligations. In the past, the ATO has used this information to send warning letters to hundreds of thousands of cryptocurrency investors.
Check if you have all your data validated. Even if you've completed the KYC (identity verification), Binance sometimes asks for more information if it's your first time withdrawing. Go to your profile > Verification Center and make sure everything is “completed.”
Depending on the reason for the shutdown, Binance could face legal actions, asset freezes, or hacking attempts that could jeopardize the security and availability of the funds. Users who store their crypto assets on Binance would risk losing their money or having to wait for a long time to get it back.
You can now sell crypto to cash and withdraw directly to your card on the Binance website. 1. Log in to your Binance account and go to [Sell]. Choose the crypto you want to sell, select the currency you want to receive, and enter the amount.
Zhao founded Binance in 2017 and still owns an estimated 90% of the exchange plus a stash of its BNB tokens.
Binance is one of the safer exchanges compared to others. So if you're actively trading crypto and need to keep it on an exchange, Binance is a pretty secure choice. However, if you're holding large amounts of crypto long term, a private hardware wallet may be a better choice than keeping it on an exchange.
It's one of the world's biggest cryptocurrency exchanges, but Binance currently doesn't let you deposit or withdraw Australian dollars via bank transfer.
Global Liquidity at Scale: In 2025, Binance remained a primary venue for global crypto liquidity, with $34 trillion traded on the platform and spot volume exceeding $7.1 trillion, alongside an 18% increase in average daily trading volume across all products.
The de-banking move against Binance Australia follows a temporary halt by Binance on bitcoin withdrawals due to a technological issue in fees, which failed to adjust for increases in bitcoin gas (transaction) fees.
For each withdrawal, a flat fee is paid by users to cover the transaction costs of moving the cryptocurrency out of their Binance account. Withdrawals rates are determined by the blockchain network and can fluctuate without notice due to factors such as network congestion.
🚨 LOST FUNDS ON BINANCE? HERE'S WHAT YOU NEED TO KNOW! 🚨
7 Ways to Avoid Crypto Tax in Australia
All crypto transactions, no matter the amount, must be reported to the IRS. This includes sales, trades, and income from staking, mining, or airdrops. Transactions under $600 may not trigger Form 1099-MISC from exchanges, but they are still taxable and must be included on your return.
Although depositing and withdrawing AUD from Binance is not viable, Aussies can still access, make an account and trade cryptocurrency on the platform.
In a groundbreaking transaction on May 22, 2010, programmer Laszlo Hanyecz made history by purchasing two Papa John's pizzas for 10,000 Bitcoin, marking the first real-world commercial use of the cryptocurrency. At the time, the Bitcoin were worth a mere $41.
If you had purchased $20 in Bitcoin in 2009, you would have bought around 20,000 Bitcoins. Based on today's value, those 20,000 Bitcoin would be valued at nearly $2 Billion.
If you're holding crypto, there's no immediate gain or loss, so the crypto is not taxed. Tax is only incurred when you sell the asset, and you subsequently receive either cash or units of another cryptocurrency: At this point, you have “realized” the gains, and you have a taxable event.