Home Cryptocurrency Binance Australia users selling Bitcoin (BTC) at massive discounts– here’s why

Binance Australia users selling Bitcoin (BTC) at massive discounts– here’s why


Reuters’ latest news reveals Binance‘s Australian arm had Bitcoin (BTC) prices at a massive discount. The top crypto traded A$9,000 cheaper on Binance than rival exchanges in the country. That signaled investors selling to exit positions quicker.

#Bitcoin and other digital tokens traded at a discount on @BinanceAustralia compared to rival exchanges in the country. Binance Australia is facing a disconnection from a key local currency withdrawal route. #cryptocurrency #cryptonews pic.twitter.com/EpK5OJeGlM

— DeFi Planet (@PlanetDefi) May 30, 2023

The report revealed that Bitcoin traded near A$34,000 ($23k) on Binance Australia. Meantime, the bellwether crypto changed hands at A$43,000 on other crypto exchanges in the country. While publishing this blog, Bitcoin traded at $27,799.98 (Invezz.com data), with a market cap of $540.8B.

As Invez.com recently reported, Binance disrupted its services for Australian users, suspending AUD deposits and withdrawals. That came after the exchanges payments partner halted its operations, leading to limited transaction options for users.

Binance has dealt with regulatory pressure lately. The global challenges saw it closing its Australia-based derivatives business. Consequently, the leading exchange renounced its financial services certificate.

Meanwhile, the payments disruptions early in May dented Binance’s undertakings. Last week, the exchange ceased AUD trading pairs for Bitcoin, Cardano, Polygon, Solana, XRP, and Ethereum.

Binance’s regulatory woes

As highlighted, Binance has encountered massive challenges as far as worldwide crypto regulation is concerned. The exchange faced problems in Australia after ASIC (Australian Securities & Investment Commission) launched an investigation against the trading platform. The clampdown came after suspicions that the exchange classified crypto traders as wholesale investors.

Meanwhile, the ongoing regulatory pressure has had Binance Australia’s trading volumes crashing significantly. The latest developments on the exchange suggest that users want to leave as soon as possible before more regulatory actions.

Binance is under CFTC’s (Commodity Futures Trading Commission) radar. CFTC took a legal move against CZ and three firms connected with Binance, citing rules violations.

The post Binance Australia users selling Bitcoin (BTC) at massive discounts– here’s why appeared first on Invezz.



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