Bitcoin price this morning is selling for over $5000 discounted price on the world’s largest exchange’s Australian arm, Binance Australia. The asset’s price depreciated from its global spot counterpart due to selling pressure on the BTC/AUD pair following Binance’s decision to discontinue offering Australian dollar services on the platform.
Bitcoin price on the exchange has dropped significantly in the last three days and even sold at A$ 27,000 ($17,677) at one time. It is currently selling just above A$34,000 ($22,400) at press time, more than 20% below what other exchanges in Australia are trading the digital asset for.
Selling Pressure After AUD Delisting
In an emailed statement to Reuters, a Binance spokesperson stated that the price deviation was due to less liquidity in AUD trading pairs. The liquidity crunch was due to heightened withdrawal pressure amidst the fiat off-ramp services ending in a few days.
On May 18, Binance announced it would halt offering Australian dollar services on its platform following a decision from its third-party service provider. The exchange also stated it would suspend AUD deposits into the platform from June 1 and subsequently allow deposits and withdrawals through debit/credit cards, P2P, and other third-party payments.
The trading platform gave users until next month to convert all their AUD holdings, or it will automatically exchange them for USDT after the said date. Furthermore, Binance announced it would delist several pairs with the Australian dollar on the aforementioned date and warned users to be careful while trading.
Tough Times for Binance
The largest crypto exchange in the world has endured hard times from regulators lately. The Australian Securities and Investments Commission (ASIC) withdrew Binance’s derivative license last month and probed whether the exchange complied with its digital asset regulations.
Just after that, the US Department of Justice (DOJ) probed Binance for potentially flouting Russian sanctions during the country’s Ukraine invasion. The exchange also recently shut down its Canadian subsidiary due to regulatory concerns.
