Breaking! Binance Users in Australia Liquidating Bitcoin Positions at Discount

May 30, 2023

MCP News Free

Breaking! Binance Users in Australia Liquidating Bitcoin Positions at Discount

Key Point

Bitcoin is priced at a A$9000 discount compared to rival exchanges in Australia
This followed the recent suspension of some spot trading pairs and regulatory issues in Australia

The users of the Australian subsidiary of Binance are currently dumping their Bitcoin to the extent that they’re selling at a discount of A$9000 compared to rival crypto exchanges.

Let’s walk through why there is a panic selling on Binance Australia; on May 18, 2023, the world’s largest cryptocurrency exchange announced the immediate suspension of PayID AUD deposits; this move was due to disruption in Australia after a third-party service provider suspended its services.

Also, due to regulatory issues, Binance announced the suspension of several spot trading pairs effective June 1.

As a result of the above events, users of Binance Australia are now liquidating their Bitcoin, such that they’re selling at a discount compared to other exchanges in the country.

On Tuesday, according to Reuters, the Bitcoin price in Binance Australia was around A$34,000 ($23,062), unlike other major exchanges in Australia where the price of Bitcoin is A$43,000.

Meanwhile, Binance is under investigation by the Australian financial regulators over miscalculation of traders as wholesale investors in the country, and beyond the walls of Australia, Binance is also being probed by the US Commodity Futures Trading Commission (CFTC) over possible violation of commodity laws.

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