Binance Australia Fiat Ramp Closure Leads to Bitcoin Selling $5K Cheaper

On Binance Australia, purchasing one Bitcoin using Australian dollars allows buyers to acquire it at a price equivalent to $22,000. However, the challenge lies in transferring the funds to the platform in order to make the purchase.

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Traders are hurrying to convert their cryptocurrency holdings into Australian dollars as the deadline for AUD bank withdrawals approaches. The withdrawal option is scheduled to close on June 1 at 5pm local time, prompting a rush among traders to cash out.

Binance Australia had previously announced on May 18 that it would suspend Australian dollar services due to a decision made by its third-party payments provider.

Following the suspension of bank transfer deposits, Binance Australia has allowed withdrawals using PayID until June 1 at 5pm local time. However, the exchange has issued a warning to its Australian clients that any remaining Australian dollars (AUD) on the platform after May 31 will be automatically converted into USDT (Tether). This notification indicates that users should take action to manage their AUD holdings before the specified date to avoid automatic conversion.

The recent announcements regarding the suspension of Australian dollar services on Binance Australia have triggered a notable rush among users to liquidate their holdings, resulting in significant discounts on BTC prices. As of now, the price of one BTC stands at $33,750 AUD, which is approximately $21,987 USD or 21% lower than the global spot rate. This discrepancy reflects the impact of the ongoing rush to cash out within the Australian market.

Individuals hoping to take advantage of the lower Bitcoin prices may encounter disappointment due to certain limitations. With the inability to deposit Australian dollars (AUD) into the trading wallet and substantial premiums associated with converting other crypto assets into AUD, users might find it challenging to access the discounted BTC. These factors create obstacles for users seeking to capitalize on the opportunity presented by the lower Bitcoin prices on Binance Australia.

Also Read This Related: Binance Australia Under Scrutiny for Crypto Scams and Frauds.

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In addition, Binance has issued a warning regarding the upcoming delisting of several cryptocurrency trading pairs with Australian dollars (AUD) on June 1. Users have been advised to exercise caution and be aware of the associated risks while trading.

Meanwhile, Binance has expressed its ongoing efforts to seek an alternative provider to ensure the continuity of Australian dollar deposits and withdrawals on the platform. Presently, the option to buy and sell cryptocurrencies using credit or debit cards remains available, with rates aligning closely with the market.

Binance has faced regulatory challenges in Australia, as its derivatives license was revoked by the Australian Securities and Investments Commission (ASIC) last month.

Additionally, the exchange is currently under investigation by the U.S. Commodities and Futures Trading Commission (CFTC).

Despite these developments, Australian crypto broker Swyftx, which relied on Binance for liquidity, has stated that the suspension of Australian dollar on/off-ramps on the exchange would not have an impact on Swyftx operations.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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