{"id":5221,"date":"2023-05-31T10:39:16","date_gmt":"2023-05-31T14:39:16","guid":{"rendered":"http:\/\/leadingcryptonews.com\/bitcoin-trades-at-5k-discount-on-binance-australia-as-withdrawal-closure-approaches\/"},"modified":"2023-05-31T10:39:16","modified_gmt":"2023-05-31T14:39:16","slug":"bitcoin-trades-at-5k-discount-on-binance-australia-as-withdrawal-closure-approaches","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/bitcoin-trades-at-5k-discount-on-binance-australia-as-withdrawal-closure-approaches\/","title":{"rendered":"Bitcoin Trades at $5K Discount on Binance Australia as Withdrawal Closure Approaches"},"content":{"rendered":"


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On Tuesday, the prices of bitcoin and other crypto assets were seen trading at a discount on the Australian arm of Binance, the world\u2019s largest crypto exchange by trading volume, compared to rival local platforms.<\/span><\/p>\n

As of 1:10 pm, bitcoin (BTC) was trading at A$34,863 ($22,670) on <\/span>Binance Australia,<\/span> about A$7,516 ($4,913) lower than the average price on most exchanges, including <\/span>BTC Markets,<\/span> where it was trading at A$43,000 ($28,130), Coinjar and Independent Reserve. Other assets like Ether (ETH) and Solana (SOL) also traded at about 20% discounts.<\/span><\/p>\n

Bitcoin Trades at a Discount in Binance Australia<\/span><\/h2>\n

The discounts on crypto prices on Aussie exchanges could be attributed to users trying to exit their positions quickly to avoid being cut off from a local withdrawal route scheduled to cease soon.<\/span><\/p>\n

Earlier this month, Binance Australia <\/span>informed<\/span> its users that they would be unable to withdraw fiat to their bank accounts using the Australian PayID service, a popular payment method, from 5 pm on June 1, 2023. The exchange said the halt was due to a decision made by its third-party payment service provider and that it was searching for an alternative.<\/span><\/p>\n

On the same day of the announcement, Australian big four bank Westpac <\/span>banned<\/span> its customers from transacting with all crypto exchanges, including Binance Australia. Westpac revealed that the ban is part of a trial aimed at clamping down on scams and saving the millions lost to such fraudulent activities. Analysis conducted by the bank found that a third of all scam payments were directly moved to crypto exchanges, hence the decision.<\/span><\/p>\n

Binance Australia Faces Challenges<\/span><\/h2>\n

Binance Australia has faced many challenges in recent times. Last month, the crypto exchange <\/span>wound down<\/span> its Aussie derivatives business due to regulatory issues with the Australian Securities and Investments Commission (ASIC). The agency canceled the exchange\u2019s license as it reviewed its local operations.<\/span><\/p>\n

Meanwhile, a Binance Australia spokesperson said that after June 1, users could convert their Australian dollar balances into Tether USD (USDT) to facilitate trading activities until the exchange finds a provider to continue offering deposits and withdrawals.<\/span><\/p>\n

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On Tuesday, the prices of bitcoin and other crypto assets were seen trading at a discount on the Australian arm of Binance, the world\u2019s largest crypto exchange by trading volume, compared to rival local platforms. As of 1:10 pm, bitcoin (BTC) was trading at A$34,863 ($22,670) on Binance Australia, about A$7,516 ($4,913) lower than the […]<\/p>\n","protected":false},"author":1,"featured_media":5222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-5221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin"],"yoast_head":"\nBitcoin Trades at $5K Discount on Binance Australia as Withdrawal Closure Approaches - Leading Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadingcryptonews.com\/bitcoin-trades-at-5k-discount-on-binance-australia-as-withdrawal-closure-approaches\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Trades at $5K Discount on Binance Australia as Withdrawal Closure Approaches\" \/>\n<meta property=\"og:description\" content=\"On Tuesday, the prices of bitcoin and other crypto assets were seen trading at a discount on the Australian arm of Binance, the world\u2019s largest crypto exchange by trading volume, compared to rival local platforms. 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