Bitcoin to the Australian dollar at a massive discount

Bitcoin trading price in Australia has seen a major drop with the closing of the Australian branch of Binance.

Since Binance Australia informed of the suspension of Australian dollar services, there has been a rush of users trading their crypto holdings into Australian dollar. Binance’s third party provider offering a gateway to exchange AUD to crypto including Bitcoin ($BTC) means users will not be able to buy or sell their crypto for dollars. The exodus of holders in the country has led to a crash of up to 21% off the trading price of Bitcoin against the Australian dollar.

Binance Australia liquidity impacts Bitcoin price

According to Reuters, a Binance spokesperson commented on the matter:

“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. As a result, 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.”

As announced on 18th May, bank transfer deposits were halted immediately from Binance. Withdrawals using PayID will remain open until the 1st of June. Any Australian dollars that users hold on the exchange would be exchanged into Tether ($USDT) automatically at the end of May. As a result, users have been forced to hold or cash their crypto out into Australian dollars almost immediately. This has led to a crash in the price of Bitcoin, with BTC sitting at heavy discounts on the exchange.

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

Details: https://t.co/DSRhaebEfS pic.twitter.com/dQSKfJXYHK

— Binance Australia (@Binance_AUS) May 27, 2023