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Bitcoin and other digital tokens were trading cheaper on Binance Australia compared to other exchanges in the nation as the platform was about to be cut off from a major local currency withdrawal route.
When compared to the Australian Dollar, the price of Bitcoin has dropped significantly on the Australian subsidiary of the Binance cryptocurrency exchange.
Bloomberg cited that at the time of its report, Bitcoin went for A$34,863 ($22,670) on Binance Australia, roughly A$7,516 less than the average price across exchanges, including Independent Reserve and CoinJar.
Meanwhile, BTC/USD is currently trading at $27,995. Also noticeable were discounts of around 20% for cryptocurrencies like Ethereum (ETH) and Solana (SOL).
Following a decision by its third-party payments provider, Binance Australia told users on May 18 that it was suspending Australian Dollar services.
Due to a decision made by payments solutions supplier Cuscal, Binance Australia announced that it would no longer be able to provide Australian Dollar deposit services in the meantime.
Tomiwabold OlajideAccording to an announcement, users will not be able to utilize Australia's well-known PayID service to withdraw Australian Dollars to their bank accounts starting at 5:00 p.m. on June 1.
Australian customers are eager to sell Bitcoin and their crypto assets at a price to withdraw their AUD before the deadline, hence, the reason why the AUD price tag is trading at a considerable discount to the USD price tag at this time.
According to a representative of Binance Australia quoted by Bloomberg, Australian Dollar balances can be changed into the stablecoin Tether (USDT) to "facilitate withdrawals and trading activities" after June 1.
The cryptocurrency exchange claims it is making every effort to find an alternative provider to continue offering AUD deposits and withdrawals to its customers.
Alex Dovbnya
Yuri Molchan
Dan Burgin