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Bitcoin selling for $5K cheaper on Binance Australia as fiat ramp closes

If paying using Australian dollars, one Bitcoin can be purchased on Binance Australia for the equivalent of $22,000. Getting it there is the issue.

When traded against the Australian dollar, the price of Bitcoin is down as much as 21% on the Australian branch of the Binance cryptocurrency platform.The action is being taken as traders scramble to convert their cryptocurrency holdings into Australian dollars before the window for withdrawals from AUD bank accounts ends on June 1 at 5 p.m. local time.

Following a decision by its third-party payments provider, Binance Australia told customers on May 18 that it is discontinuing Australian dollar services.

Read Also: Bitcoin and Crypto Markets Pop as Binance Announces Plan to Acquire FTX

Bank transfer deposits were immediately stopped, although PayID withdrawals may still be made up until June 1 at 5 p.m. local time. Additionally, the exchange has informed its Australian customers that any AUD still in their accounts as of May 31 would be immediately converted into USDT. Since the announcements, there has been a steady push to cash out, which has driven down the price of bitcoin (BTC).

A single BTC may be acquired for about $33,750 AUD at the time of publishing, which is around $21,987 or 21% less than the current prices on the worldwide market. However, those looking to profit from the cheaper Bitcoin could be let down. Users can find it challenging to obtain the reduced BTC if they cannot deposit AUD into the trading wallet and must pay high fees to convert other crypto assets into AUD.

Additionally, Binance has cautioned users to “pay attention to the risks when trading” and that a number of cryptocurrency trading pairings with AUD would be delisted on June 1.

Read Also: Binance Announces $500 Million Funding for Bitcoin Mining

Binance stated that it is still looking for a different vendor to keep allowing deposits and withdrawals in Australian dollars. Although these prices seem to be in accordance with the market, it is still possible to purchase and sell cryptocurrency using credit or debit cards at the moment.

Binance has run into trouble with Australian authorities after the Australian Securities and Investments Commission revoked its derivatives license last month. Additionally, the U.S. Commodities and Futures Trading Commission (CFTC) is conducting a thorough inquiry into it.

Australian cryptocurrency broker Swyftx previously said that the loss of AUD on/off-ramps at the exchange will not have an impact on Swyftx business operations. Swyftx depends on Binance for its liquidity needs.

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