Bitcoin prices on Binance Australia at 20% discount as users withdraw AUD holdings

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30th May 2023 – (Sydney) Bitcoin prices on Binance Australia, the Australian arm of the world’s largest cryptocurrency exchange, were at a 20% discount compared to rival exchanges on Tuesday, May 30. This indicates that customers were looking to exit their positions quickly. The price of the world’s biggest cryptocurrency, bitcoin, was approximately AUD 34,000 on Binance Australia, compared with around AUD 43,000 on BTC Markets, an Australia-based cryptocurrency exchange. Bitcoin was quoted around US$27,790 outside of Australia on other exchanges such as Bitstamp.

A Binance spokesperson said in an emailed statement that the recent removal of fiat on-ramp services by its payment processor’s banking partner has resulted in some Australian users withdrawing their AUD holdings from the platform in advance of the off-ramp closure on June 1. As a result, AUD pairs have experienced less liquidity, which has impacted their pricing. Binance will be delisting remaining AUD pairs in line with the closure of fiat off-ramp services.

Earlier this month, Binance said that some customers in Australia would not be able to deposit or withdraw money after a third-party service provider cut off its service. In April, the company said it would close its Australian derivatives business after relinquishing a financial services licence amid a regulatory probe into its operations.