BTC PULSE
No Result
View All Result
Play Now
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

Green Minerals headquarters and Bitcoin symbol representing strategic investment deal

Bitcoin Inflows From 2024-2025 Break 15-Year Record, Hitting $625B

September 15, 2025

Bitcoin on-chain inflows reached $625B in 1.5 years, outpacing 15 years of growth. Institutional demand and Fed policy...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Wall Street Veteran Jordi Visser Predicts Big Bitcoin Allocation Boost by Year-End

September 14, 2025

Jordi Visser forecasts US institutions will increase Bitcoin allocations before year-end, boosting Q4 demand and setting up portfolios...

China Renaissance invests $100M in BNB through MoU with YZi Labs

China Renaissance Commits $100M to BNB in Landmark Treasury Move

August 22, 2025

China Renaissance invests $100M in BNB, signing MoU with YZi Labs to push adoption and regulated listings in...

BlackRock CEO Larry Fink speaking at the World Economic Forum

Bitcoin’s biggest Wall Street backer takes the wheel at World Economic Forum

August 15, 2025

BlackRock CEO Larry Fink joins André Hoffmann as interim co-chair of the WEF board, signaling stronger ties between...

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.

Info

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

Company

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

News

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

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service