Binance Australia Customers Seen Selling Bitcoin at Discount to Rival Crypto Exchanges

Bitcoin prices on the Australian arm of Binance, the world’s largest crypto-currency exchange, were almost A$9,000 (roughly Rs. 4.8 lakh) lower than prices on rival exchanges on Tuesday, in a sign customers were seeking to exit their positions quickly.

The price of the world’s biggest cryptocurrency, bitcoin, was at around AUD 34,000 ($23,062.20, or roughly Rs. 18.3 lakh) on Binance Australia, compared with A$43,000 on BTC Markets, an Australia-based cryptocurrency exchange.

Bitcoin was quoted at $27,790 (roughly Rs. 23 lakh) outside Australia.

Binance did not immediately respond to Reuters request for comment.

Earlier this month, the Binance unit said some customers in Australia will not be able to deposit or withdraw money after a third-party service provider cut off its service.

Binance on social media had said users were unable to make Australian dollar deposits by bank transfer with immediate effect.

“We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users,” Binance had said in a statement.

Binance has been battling regulatory suits and probes around the world. The company said in April it would close its Australian derivatives business after relinquishing a financial services licence amid a regulatory probe into its operations.

Binance also withdrew from Canada earlier this month, weeks after the country issued a series of new guidelines for cryptocurrency exchanges including investor limits and mandatory registrations.

“Unfortunately, (the) new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time,” crypto exchange Binance had said in a tweet.

($1 = 1.4743 Australian dollars)

© Thomson Reuters 2023

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