Bitcoin is Over 20% Off On Binance Australia But You Probably Can’t Get Any

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At Binance Australia, one Bitcoin now costs roughly $22,000 if purchased in Australian dollars (AUD), a notable deviation from its global value. The challenge, however, lies in successfully transferring the funds.

Escalating Crypto Cash Outs Precede Service Suspension

This drop in Bitcoin’s trading value comes amid a scramble by traders to liquidate their crypto assets back into AUD before local bank withdrawal services become inaccessible within days.

On May 18, Binance Australia made a consequential announcement, informing its clientele of the impending suspension of AUD services. This suspension was necessitated by a decision made by the exchange’s third-party payment provider.

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Consequently, bank transfer deposits were put on hold without delay. Meanwhile, the PayID withdrawal service will continue to operate until June 1, 5 pm local time. The exchange also warned its Australian users that any residual AUD on the platform after May 31 would be compulsorily converted into Tether (USDT).

Bitcoin Discounts Trigger Cash Out Rush On Binance Australia

These consecutive announcements have sparked an intense rush among Binance Australia users to liquidate their holdings, resulting in a steep discount on BTC prices.

As of the reporting time, one Bitcoin is available for purchase at 34,000 AUD, which equates to approximately $22,000 – a staggering 21% lower than the standard global rate.

However, traders looking to seize this golden opportunity to buy cheaper Bitcoin may be disillusioned.

The inability to deposit AUD into trading wallets and the substantial premiums for converting other cryptocurrencies into AUD could present a major obstacle for users hoping to get their hands on the discounted Bitcoin.

Moreover, Binance has flagged the upcoming delisting of multiple cryptocurrency trading pairs with AUD on June 1, urging its users to be mindful of the inherent trading risks.

Binance’s Pursuit of Alternate AUD Providers

In the meantime, Binance has assured its clients that it is actively searching for alternative providers to resume offering AUD deposit and withdrawal services. Notably, the facility to buy and sell cryptocurrencies using credit or debit cards is still operational, with rates aligning with the market.

Recently, Binance has come under scrutiny from Australian regulators following the cancellation of its derivatives license by the Australian Securities and Investments Commission last month. 

It is also the subject of a substantial investigation by the U.S. Commodities and Futures Trading Commission.

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