Bitcoin (BTC) is trading at a steep discount on the Australian branch of cryptocurrency exchange Binance: the price of bitcoin is up to 21% cheaper when traded against the Australian dollar.
This movement is due to Traders rush to convert their cryptocurrencies into Australian dollars before the doors to bank withdrawals close in a few days.
On May 18, Binance Australia informed users that it would suspend Australian dollar services following a decision by its third-party payment provider..
Deposits via bank transfer have been stopped immediately, while withdrawals using the PayID service will remain open until June 1 at 5pm local time.. The exchange has also warned its Australian clients that any Australian dollars remaining on the exchange after May 31 will be automatically converted to USDT.
The announcements have since sparked an increasing rush to withdraw money, which has caused BTC prices to drop considerably..
At the time of publication of this article, one BTC can be bought for just AU$33,750, which is about $21,987, or 21% less than the global spot rate.
However, those hoping to cash in on cheaper bitcoin may be disappointed.
Without the ability to deposit Australian dollars into the trading wallet and without the high premiums for converting other crypto assets to Australian dollars, Users may find it difficult to get hold of the BTC trading pair.
Binance has also warned of the delisting of several Australian dollar cryptocurrency trading pairs on June 1.and that users “pay attention to the risks when trading.”
For his part, Binance said it continues to search for an alternative provider to continue offering Australian dollar deposits and withdrawals. Currently, the ability to buy and sell cryptocurrency using credit or debit cards is still available, although these fees appear to be in line with the market..
While AUD deposits by bank transfers are no longer available to Binance users in Australia, there are still several ways Aussie users can deposit onto the exchange.
– Credit or debit card
– Use P2P to buy and sell crypto
-Third Party Payment
— Binance Australia (@Binance_AUS) May 27, 2023
Although AUD deposits via bank transfers are no longer available to Binance users in Australia, there are still several ways Australian users can deposit to the exchange.
– Credit or debit card
– Use P2P to buy and sell cryptocurrencies
– Third party payment
Binance has been in hot water with regulators, as its derivatives license was terminated by the Australian Securities and Investments Commission last month. He is also facing a full-scale investigation. by the United States Commodities and Futures Trading Commission.
Australian cryptocurrency broker Swyftx, which relied on Binance for its liquidity needs, had previously stated that cutting off Binance’s Australian dollar on- and off-ramps would not affect its own operations..
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