Bitcoin, the leading cryptocurrency, is available for purchase at a significantly lower price on Binance Australia, with one Bitcoin costing around $22,000 when paid in Australian dollars. However, the challenge lies in transferring funds to the exchange.
The Australian branch of Binance crypto exchange is currently offering Bitcoin at a substantial discount, with the price of Bitcoin dropping as much as 21% when traded against the Australian dollar.
This trend has emerged as traders hurry to convert their crypto holdings into Australian dollars before local bank withdrawals are no longer possible in a few days.
On May 18, Binance Australia announced the suspension of Australian dollar services following a decision by its third-party payments provider. Immediate halt was imposed on bank transfer deposits, while withdrawals using the PayID service will remain open until June 1, 5 pm local time. The exchange has also cautioned its Australian clients that any Australian dollars remaining on the platform after May 31 will be automatically converted into USDT.
These announcements have triggered a rush among users to liquidate their holdings, leading to a substantial discount in BTC prices.
As of the time of writing, one BTC can be acquired for only 33,750 Australian dollars, equivalent to approximately $21,987, representing a 21% markdown compared to the global spot rate.