The largest cryptocurrency by market cap, Bitcoin (BTC), has seen a nearly 20% discount in price on Binance's Australian arm compared to the other crypto exchanges in the country. Aussie users traded Bitcoin for 34,000 Australian dollars (AUD), accounting for around $23,000, on the platform within the day. - On rival crypto exchanges in Australia, Bitcoin's price was around 43,000 AUD (~$28,000), just like many other platforms outside the country.
- The discount occurred nearly two weeks after Binance suspended AUD deposits through bank transfers in the country, citing that the local payments services provider, Zepto, halted supporting the exchange.
- The price decrease was considered a sign of Aussie Binance customers' efforts to quickly exit their existing positions following the suspension.
- A Binance spokesperson said some Australian users have been withdrawing their AUD holdings from the platform, causing AUD pairs to see less liquidity and the prices to be impacted.
- Binance will halt trading on spot trading pairs tied to the AUD as of June 1, ceasing AUD withdrawals, too.
- In April, Binance also had to permanently halt the operations of its Australian Derivatives unit following the cancellation of the division's financial services license by the Australian Securities and Investments Commission (ASIC), the country's financial regulator.
- Shortly before the decertification, ASIC launched a targeted review of Binance over the concerns around the exchange's Australia Derivatives business' classification of retail and wholesale clients in the country.
- The exchange has also been under increased scrutiny in several other countries, including the U.S., by market regulators, mainly due to compliance issues.
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