Bitcoin Trades $5K Below Market Price on Binance Australia
As Binance Australia suspends Australian dollar services, Bitcoin trades at a significant 21% discount on the platform due to traders rushing to cash out before the June 1st withdrawal deadline.
Bitcoin is witnessing a substantial 21% discount on Binance's Australian platform as traders hurry to convert their crypto assets into Australian dollars (AUD) before the June 1st withdrawal deadline.
Following its third-party payment provider's decision, Binance Australia suspended AUD services on May 18. Bank transfer deposits ceased instantly, while PayID withdrawals will stay open until June 1, 5pm local time. Unwithdrawn AUD on the exchange after May 31 will be auto-converted to USDT, causing a scramble to cash out and driving down BTC prices.
Currently, a BTC can be bought for about $33,750 AUD or $21,987, significantly below the global rate. But despite the lower Bitcoin price, users may struggle to take advantage due to the AUD deposit ban and high premiums for converting other crypto assets to AUD.
Several AUD crypto trading pairs will also be delisted on June 1. Binance advises users to be aware of the associated risks. Credit and debit card crypto purchases remain operational with rates aligning with the market.
Binance, under scrutiny from Australian and U.S. regulators, is exploring alternative providers to sustain AUD deposits and withdrawals. The AUD service suspension at Binance reportedly will not affect operations of Aussie crypto broker Swyftx, which utilizes Binance for liquidity.
