Bitcoin is moving through hands at quite a hefty discount on the Australian segment of the Binance crypto exchange, with the price of the cryptocurrency down by around 21% if it was traded against the AUD.
This move comes as the traders have started rushing out to cash out their holdings in crypto into Australian dollars before the local bank withdrawals close their doors in a few days. On 18th May, Binance Australia also informed its users that it was suspending the services of the Australian dollar after a decision that was taken up by its third-party payments provider. The deposits taking place through bank transfers were immediately halted, while the withdrawals through the PayID service have been considered to be open until the 1st of June at 5 pm local time.
Bitcoin Could Be Trading At A Far Lower Rate In Australia
This announcement has since caused a massive rush to cash out, which has led to the price of Bitcoin turning heavily discounted. One BTC can be currently purchased for around 33,750 AUD, which is around $21,987, which is 21% less than the global spot rate. However, those who have been thinking about capitalizing on the cheaper BTC token could be disappointed. Without any inherent ability to deposit the AUD into the trading wallet, as well as the hefty premiums for converting other assets of crypto into AUD, users would probably find it difficult to get their hands on some of the discounted BTC.
Bitcoin’s crypto exchange, Binance has also issued warnings regarding the delisting of several trading pairs of crypto with Australian dollars on 1st June, and for users to start paying attention to the many risks that they partake in when they are trading.