Bitcoin and other cryptocurrencies started trading at a discount on Binance Australia, compared to their rates on competitor platforms within the country, in a disparity that comes as the platform is set to lose access to a key local currency withdrawal service.
At one point, Bitcoin was trading at A$34,863 ($22,670) on Binance Australia, representing a marked A$7,516 fall from the average trading price found on platforms like Independent Reserve and CoinJar, as shown by CryptoCompare data.
Similar discounts nearing 20% were observable for other digital tokens, including Ether and Solana. Binance Australia’s users won’t be able to execute withdrawals to Australian dollars to their bank accounts through the widely-used PayID service as of 5 p.m. on June 1, according to the exchange.
In a further blow to Binance Australia, on May 18, the platform announced that it was no longer in a position to offer Australian dollar deposit services due to a decision by payments solutions provider Cuscal.
A spokesperson for the exchange said that Australian dollar balances could be converted into USDT to facilitate withdrawals after June 1, and noted the exchange is working to provide an alternative provider for AUD deposits and withdrawals.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/may/30/
