Seeking Alpha
2023-05-30 13:59:15

Bitcoin said to trade at discount on Binance Australia vs. rival crypto exchanges

The price of bitcoin ( BTC-USD ) was changing hands at a 20% discount on the Australian unit of Binance, the world's largest cryptocurrency exchange, vs. rival platforms earlier on Tuesday ahead of losing access to a local currency withdrawal route, according to media reports confirmed by a company spokesperson. The digital token traded at around A$34K (US$23,062) on Binance Australia, Reuters reported, compared with ~A$43,000 on fellow Australian exchange BTC Markets. At the time of writing (9:59 a.m. ET), global crypto market data provider CryptoCompare quoted bitcoin ( BTC-USD ) at $27.85K, up 6.5% in the past five sessions and down 4.7% M/M. "Due to the recent removal of fiat on-ramp services by our payment processor's banking partner, some Australian users have been withdrawing their AUD holdings from the platform in advance of the off-ramp closure on 1 June," a Binance spokesperson told Seeking Alpha in an emailed statement. In turn, "AUD pairs have experienced less liquidity which has impacted their pricing. We will be delisting remaining AUD pairs in line with the closure of fiat off ramp services. We remain focused on securing additional fiat relationships to service our users." The news comes after Binance Australia in April said it got the green light from the Australian Securities and Investments Commission for the cancellation of its derivatives license in the face of regulatory scrutiny of its operations. More on the Crypto Market Binance joint venture to launch Thai crypto exchange by Q4 2023 Bitcoin Ordinals Are The Latest Web3 Craze: Here's What You Need To Know Digital Asset Markets: 5 Important Themes

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