Bitcoin and other cryptocurrencies are traded at a lower price on Binance Australia compared to competing exchanges in the country.
Bitcoin Trades at a Lower Price on Binance Australia
As of today, Bitcoin was trading at A$34,863 (US$22,670) on Binance Australia, roughly $7,516 less than the average price on platforms like Independent Reserve and CoinJar, according to CryptoCompare data.
There was also a low price of around 20% for tokens such as Ethereum and Solana.
Binance Australia has said that starting from 17:00 on June 1, users will not be able to withdraw Australian dollars to their bank accounts using the country's popular PayID service.
Earlier in May, the platform lost access to some Australian dollar deposit services.
“Bitcoin/AUD is trading at a significant discount relative to Bitcoin/USD as Australian customers are willing to sell Bitcoin at a discount to withdraw AUD before the deadline,” said Richard Galvin, co-founder of fund manager Digital Asset Capital Management.
On May 18, Binance Australia announced that due to a decision from payment solutions provider Cuscal, it will no longer offer deposits in Australian dollars.
Cuscal said the same day that his primary focus was "protecting Australians from financial crime and fraud" and did not comment on other parties.
A Binance Australia spokesperson said today that Australian dollar balances will be convertible to Tether stablecoins after June 1 to facilitate withdrawal and trading activities.
“We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users,” the spokesperson said.
*Not investment advice.