If paying with Australian dollars, one Bitcoin can be purchased on Binance Australia for the equivalent of $22,000. The challenge is in getting it there.
The price of Bitcoin is down as much as 21% when compared to the Australian dollar on the Australian branch of the Binance cryptocurrency exchange, where it is currently trading for $27,814.
The action is being taken as traders rush to convert their cryptocurrency holdings into Australian dollars before the window for withdrawals from AUD bank accounts ends on June 1 at 5 p.m. local time.
Following a decision by its third-party payments provider, Binance Australia informed users on May 18 that it is discontinuing Australian dollar services.
Bank transfer deposits were immediately stopped, although PayID withdrawals may still be made up until June 1 at 5 p.m. local time. Additionally, the exchange has informed its Australian customers that any AUD still in their accounts as of May 31 will be immediately converted into USDT.
Since the announcements, there has been a steady push to cash out, which has pushed down the price of Bitcoin (BTC).
A single BTC may be purchased for just $33,750 AUD at the time of publication, which is about $21,987 or 21% less than the spot prices on the worldwide market.
However, those looking to profit from the cheaper Bitcoin might be let down.
Additionally, Binance has cautioned users to “pay attention to the risks when trading” and that a number of cryptocurrency trading pairings with AUD would be delisted on June 1.
Binance stated that it is still looking for an alternative provider to keep allowing deposits and withdrawals in Australian dollars. Currently, it is still possible to buy and sell cryptocurrency using credit or debit cards, but these prices seem to be in accordance with the market.
While AUD deposits by bank transfers are no longer available to Binance users in Australia, there are still several ways Aussie users can deposit onto the exchange.
– Credit or debit card
– Use P2P to buy and sell crypto
– Third Party Payment
— Binance Australia (@Binance_AUS) May 27, 2023
Binance has run into trouble with Australian regulators after the Australian Securities and Investments Commission cancelled its derivatives license last month. Additionally, the U.S. Commodities and Futures Trading Commission (CFTC) is conducting an in-depth investigation into it.
Australian cryptocurrency broker Swyftx previously said that the loss of AUD on/off-ramps at the exchange will not have an impact on Swyftx business operations. Swyftx depends on Binance for its liquidity needs.