Bitcoin is trading at a massive discount on the Australian arm of Binance. Bitcoin traded around AUD 9000 cheaper as compared to the rival exchanges. This indicates a massive sell-off by investors to exit their positions. This move comes after Binance announced on May 18 that they are ceasing Australian Dollar services.
Following this statement by Binance, deposits were stopped immediately. While withdrawals are allowed via Pay ID until June 1 until 5 pm. The exchange has also given clear notice to the clients that if they do not withdraw the remaining Australian dollars from their account, it will be automatically converted to USDT. Instead of transferring their cryptocurrency holdings to other platforms, Australian people are instead considering cashing out which has created a downward trend.
Grasping the Opportunity Quite Challenging
Bitcoin was trading at AUD 36,000 on Binance this Tuesday morning while on local exchanges like Bitpay, BTC Markets and Independent Reserves, Bitcoin was trading at a price of AUD 42,000. Though, this is a huge discount, people looking to grasp this opportunity to accumulate cheaper Bitcoin may not find it easy as they may encounter challenges accessing the discounted BTC due to the absence of a feature enabling the deposit of Australian dollars into the trading wallet, as well as significant costs associated with converting other crypto assets into Australian dollars.
Binance has faced regulatory scrutiny in Australia, resulting in the cancellation of its derivatives license by the Australian Securities and Investments Commission last month. Additionally, the company is currently undergoing a significant investigation by the U.S. Commodities and Futures Trading Commission.