• Binance Australia users are experiencing a panic selling frenzy, driving the price of Bitcoin on the exchange nearly AUD 9,000 ($5,900) lower than competitors’ prices.
• Earlier this month, Binance Australia announced the indefinite suspension of AUD deposits via PayID due to an issue with its third-party payment service provider.
• This move is likely related to the exchange’s troubles with the Australian Securities and Investment Commission (ASIC), which recently canceled its derivatives trading license following a probe into its operations in the country.
Binance Australia Panic Selling
Binance Australia users are in panic selling mode, sending the price of bitcoin (BTC) on the exchange nearly AUD 9,000 ($5,900) lower than competitors’ prices. The price of bitcoin has cratered to AUD 34,000 (around $23,062), representing almost a $5,900 discount compared to $28,000 on BTC Markets.
Suspension of AUD Deposits
Earlier this month, Binance Australia announced the indefinite suspension of AUD deposits via PayID due to an issue with its third-party payment service provider. This decision could be connected to recent regulatory challenges it faces in Australia.
Regulatory Challenges for Binance
The Australian Securities and Investment Commission (ASIC) recently canceled Binance’s derivatives trading license after conducting a probe into their operations in the country.
Implications for Market Prices
The current market conditions have caused a huge disparity between BTC prices on different exchanges. As a result of these issues with ASIC and suspended payments from PayID services in Australia, there is now an opportunity for traders outside of Australia to take advantage of this discounted price.