Bitcoin, the world's largest cryptocurrency, is presently selling at a considerable discount on the Binance crypto exchange's Australian branch. Traders scrambling to convert their crypto holdings into Australian dollars prior to the stoppage of local bank withdrawals have led BTC values to fall by up to 21% versus the Australian dollar.
Introduction
This essay examines the situation on Binance Australia, the causes behind the lower Bitcoin prices, and the difficulties that users may have when seeking to take advantage of the reduced Bitcoin prices.
Australian Dollar Services Have Been Suspended
Binance Australia announced the suspension of its Australian dollar services on May 18 as a result of a decision by its third-party payments provider. While withdrawals through the PayID service are still available till June 1, deposits via bank transfer have been suspended immediately. The exchange also informed its Australian customers that any leftover Australian dollars on the platform after May 31 will be automatically converted to USDT, causing a rush to cash out cryptocurrency holdings.
Bitcoin Prices are Reduced
The price of Bitcoin on Binance Australia has dropped significantly as a consequence of the rush to cash out. At the time of publishing, one Bitcoin costs just 33,750 Australian dollars, which is nearly 21% less than the worldwide current pricing. This implies that consumers trading Bitcoin against the Australian dollar may benefit from the lower pricing, but there are some complications to consider.
User Difficulties
While decreased Bitcoin pricing may seem appealing, customers may have difficulty getting the discounted BTC owing to various limits. It is presently not feasible to deposit Australian dollars into the trading wallet, and changing other crypto assets into Australian dollars may incur significant fees. This makes it difficult for consumers to take advantage of the reduced costs. Furthermore, Binance has warned that some crypto trading pairs with Australian dollars would be delisted on June 1, encouraging users to be careful while trading.
Binance's Initiatives and Alternatives
Binance has indicated that it is currently looking for a replacement supplier in order to continue Australian dollar deposits and withdrawals. Users may still purchase and trade cryptocurrency using credit or debit cards, but the pricing are market-based. Binance Australia has made other deposit methods available to Australian customers, such as credit or debit cards, peer-to-peer (P2P) networks, and third-party payment choices. These options are intended to let users continue to utilize the platform's services despite the suspension of Australian dollar services.
Conclusion
The current position on Binance Australia provides an opportunity for traders to acquire Bitcoin at a lower cost relative to the Australian dollar. However, the suspension of Australian dollar services, as well as the difficulties connected with depositing cash and exchanging crypto assets, make access to the reduced BTC impossible. Binance is actively researching alternatives to restart Australian dollar services, and customers may continue explore the platform's other deposit choices. As the situation evolves, it is critical for Binance Australia users to keep informed and use care while trading.
Disclaimer: The material in this article is based on publicly accessible web sources and does not constitute an endorsement or particular recommendation. Before making any related choices, readers should undertake their own study and evaluation.
Reference:
URL: https://cointelegraph.com/news/bitcoin-is-selling-for-5k-cheaper-on-binance-australia
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