Key Points:
- Binance Australia users are looking to exit their bitcoin positions.
- The price of BTC on the Australian branch is almost AU$ 9,000 lower than the price on other exchanges.
- Earlier this month, Binance said that some customers in Australia would not be able to deposit or withdraw funds after a third-party service provider cut their services.
As Binance fights against regulatory probes, Binance Australia users rapidly liquid their bitcoins at a discount to rival exchanges.
The bitcoin price on Binance Australia is around AU$34,000 (about $23,062.20), while on BTC Markets, the Australian cryptocurrency exchange, it costs around AU$43,000 (about $28,000). Bitcoin is quoted at $27,790 outside of Australia.
Earlier this month, Binance said that some customers in Australia would not be able to deposit and withdraw funds after a third-party service provider cut their services.
Specifically, the Australian subsidiary of Binance tweeted that due to third-party payment providers, PayID deposits in Australian dollars have been suspended, bank transfer withdrawals will also be affected, and efforts are being made to find alternative suppliers. As reported by AFR, Westpac Bank has banned customers from trading with Binance and is testing new crypto payment protections to reduce losses due to fraud.
Binance has told its 1 million Australian customers that any Australian dollars left on their books before Wednesday will be converted into USDT, a cryptocurrency pegged to the US dollar instead of the already established BUSD prohibited.
In February, Paxos, the issuer of the BUSD stablecoin of the largest cryptocurrency exchange in the market, was also targeted by the US Securities and Exchange Commission (SEC) and requested to stop issuing BUSD released not long after that.
Instead of transferring digital assets directly to another crypto exchange via blockchain, many Australian investors cashed out their crypto holdings on the Binance platform, creating discounting force.
Binance has been battling lawsuits and regulatory probes around the world. At the end of March, Binance was sued by the US regulator, the Commodity Futures Trading Commission (CFTC). This is not the first time a crypto exchange has been charged a fee by the regulator. But this particular case involves a regulatory body that does not directly oversee cryptocurrencies.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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