BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Bitcoin

Bitcoin’s 21% Discount on Binance Australia as Fiat Services Shut Down

by Dan K
May 30, 2023 - 10:33 am
in Bitcoin
Exterior view of Binance Australia's office, the site of recent regulatory search.

Bitcoin selling for $5K cheaper on Binance Australia as fiat ramp closes

Bitcoin is currently trading at a significant discount on the Australian branch of Binance, a global crypto exchange. A single Bitcoin can be purchased for the equivalent of $22,000 if paid in Australian dollars, marking a 21% discount. The problem is getting the funds to the platform.

Cause of the Discount: The Rush to Cash Out

The discount comes as traders scramble to liquidate their crypto holdings into Australian dollars. This rush is triggered by the impending closure of local bank withdrawals on June 1 at 5 pm local time.

Binance Australia announced on May 18 that it would suspend Australian dollar services following a decision by its third-party payments provider. The crypto exchange further warned its Australian clients that any remaining Australian dollars on the platform post-May 31 would automatically be converted into USDT.

Implication of the Suspension of Fiat Services

The suspension of fiat services has led to a rush among users to cash out, resulting in the heavy discount on BTC prices. As of the time of writing, one Bitcoin can be purchased for 33,750 Australian dollars, or about $21,987 – 21% less than the global spot rate.

However, capitalizing on the cheaper Bitcoin might prove challenging. The inability to deposit Australian dollars into the trading wallet, along with high premiums for converting other crypto assets into Australian dollars, might make purchasing the discounted Bitcoin difficult.

Regulatory Challenges and Future Prospects

Binance has faced recent regulatory challenges in Australia, with the Australian Securities and Investments Commission (ASIC) cancelling its derivatives license last month. It is also facing a massive investigation by the U.S. Commodities and Futures Trading Commission.

Despite these hurdles, Binance states it is actively seeking an alternate provider to continue offering Australian dollar deposits and withdrawals. Currently, transactions using credit or debit cards are still available at market rates.

Meanwhile, Aussie crypto broker Swyftx, which relies on Binance for liquidity, has reassured its clients that Binance’s decision will not affect its operations.

Tags: AustraliaBinanceBitcoinTether
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

blockchain

OKX and PayPal Partner to Simplify Crypto Buying Across Europe

July 14, 2025

OKX teams up with PayPal to offer seamless crypto access in Europe, removing banking friction and boosting trust...

Bhutan’s Bitcoin wallet activity spikes as BTC reaches new all-time highs

Bhutan Moves $74M in Bitcoin to Binance as BTC Hits Record Highs

July 14, 2025

Bhutan moves $74M in Bitcoin to Binance amid BTC's record surge, signaling possible profit-taking as the country’s total...

Michael Saylor prepares to resume Bitcoin purchases after brief pause

Michael Saylor Hints at New Bitcoin Buy as Strategy Pauses End

July 13, 2025

Michael Saylor says Strategy will resume Bitcoin purchases after a one-week break, continuing its lead among BTC treasury...

Bitcoin chart showing sharp price surge past $118,000 in July 2025

Bitcoin Blasts Past $118K with Sixth All-Time High in Under 48 Hours

July 11, 2025

Bitcoin breaks records with six ATHs in 48 hours, soaring 6% to $118,668 on July 11 amid ETF...

Press Releases

png 115

BTC Miner: Earn $100-$100,000 Daily – The Fastest Growing Crypto Mining Platform of 2025!

June 25, 2025

BTC Miner, the fastest growing platform in 2025, opens a new era of inclusive cryptocurrency mining, allowing everyone to participate...

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise