Binance Australia Users Selling Bitcoin (BTC) A$9000 At Discount, Know Why
As per the latest report from Reuters, Bitcoin’s (BTC) price on the Australian wing of Binance is trading at a steep discount. The report shows that on Tuesday, May 30, the BTC price was almost A$9,000 lower than its price on the rival exchanges.
It seems that users of Binance Australia were in a rush to exit their positions. The Bitcoin (BTC_ price on Binance Australia was trading at around A$34,000($23,062.20). At the same time, its price on other Australia-based crypto exchanges BTC Markets was $43,000, reported Reuters. As of press time, Bitcoin (BTC) is trading 1% down at a price of $27,725 and a market cap of $537 billion.
Binance faced disruptions in Australia as a third-party service provider halted its services, resulting in limited deposit and withdrawal options for some customers. The company’s regulatory challenges worldwide led to the closure of its Australian derivatives business. As a result, Binance also had to relinquish its financial services license.
Amid a decision undertaken by a third-party payment service provider earlier this month, Binance had to AUD fiat deposits. Last week, Binance took the decision to cease AUD trading pairs for cryptocurrencies including Bitcoin, Ethereum, Dogecoin, XRP, Cardano, Solana, and MATIC.
Binance And Regulatory Challenges
The world’s largest crypto exchange Binance has been facing major regulatory challenges in Australia as well as other global jurisdictions. Binance encountered issues in Australia after the Australian Securities and Investments Commission (ASIC) initiated a probe against the exchange. The probe was related to the misclassification of traders as wholesale investors.
Amid the ongoing regulatory crackdown, the trading volumes on Binance Australia have also dropped considerably. The recent price action on Binance Australia hints that investors want to get out quickly before any other major regulatory action.
Binance is currently under investigation by regulatory authorities. The Commodity Futures Trading Commission (CFTC) has taken legal action against Changpeng Zhao and three entities associated with Binance. They are accused of breaking the law and violating CFTC regulations.
- Bitcoin ETFs Record $2.2B Weekly Inflows as BTC Price Surges Past $120K
- Nomura Eyes to Ripple Dominance in Crypto Trading in Japan as Demand Rises
- Sharps Technology Plans $100M Buyback to Boost Solana Treasury as SSK ETF Hits Record $382M AUM
- Will Bitcoin Reverse to $115K Max Pain Price amid Crypto Options Expiry Today?
- Cardano Gets 100 Million User Exposure With Brave Integration, Whales Scoop 70M ADA
- Bitcoin Price Hits $120K, Is Citigroup’s Bold Q4 Prediction in Motion?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
