Bitcoin Price in Binance Australia has been trading at around $5,000 lower than the international markets as customers seek to exit the market. On May 18, the exchange informed its customers that it would suspend the Australian Dollar following issues by its third-party services provider.
Binance Australia closes fiat ramp making Bitcoin price trade lower
As a result of Binance lacking a replacement in sight for its Australian dollar fiat ramp third party, the exchange decided to suspend the currency in May. This has resulted in massive sell-offs of Bitcoin against the Australian dollar, weakening the Bitcoin price against the AUD on the exchange.
On May 30, one Bitcoin was trading at a hefty discount of $5000 against the AUD as the deadline for PayID service withdrawal with the local currency is set for June 1, 5 pm local time. The exchange has also warned Australian customers that Bitcoins remaining on the platform after May 31 would be converted into USDT.
Although this discount initially seemed like a gold mine, those seeking to make quick money may be disappointed. The depositing of Australian dollars is no longer supported, while conversion of other currencies to the AUD bears premium fees locking enthusiasts out of the discounted Bitcoin price.
The exchange has said it will continue looking for alternate service providers for the Australian dollar deposits and withdrawals. However, it may have to delist the trading of several crypto trading pairs with the AUD on June 1.
Binance Australia tweeted earlier in the day, reporting that discontinuing bank transfers has caused the disruption. However, Aussie users can still deposit into the exchange via bank cards, P2P trading, and supported third-party payment systems.
Though Binance remains optimistic about finding a new bank transfer services provider for Aussies, it’s not promised since the exchange has been caught up in legal issues with the Australian Securities and Investment Commission, which even led to canceling its derivatives license there. Keep watching Fintech Express for updates on this and other related stories.