Hassan Maishera
TL;DR
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Bitcoin is trading at a 20% discount on Binance Australia due to the exchange’s banking issues in the country.
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Binance Australia halted Australian dollar bank transfers on its platform earlier this month.
Bitcoin Trades At A 20% Discount on Binance Australia
Bitcoin, the world’s leading cryptocurrency by market cap, is currently trading at a 20% discount on Binance Australia. This is according to data obtained from CCData.
The cryptocurrency is trading at a discount on Binance compared with rival exchanges.
This latest development comes after Binance Australia halted Australian dollar bank transfers on its platform earlier this month, citing issues with its third-party payment service provider.
The cryptocurrency exchange mentioned that it is working to find an alternative. Binance Australia has already revealed that it will allow AUD withdrawals until June 1.
Hosam Mahmoud, Research Analyst at CCData, told CoinDesk that Binance’s announcement prompted traders to sell their BTC/AUD pairs, resulting in the price reaching a historically high discount.
BTC was trading at around $33,400 AUD ($21,700) on Binance, while it was trading at around $42,500 AUD ($27,700) on other popular exchanges like Kraken, Coinjar and BTCMarkets
This represents a tough period for Binance Australia as its derivatives license was also canceled last month
Despite the challenges, Binance remains the world’s largest cryptocurrency exchange by trading volume. The crypto exchange processes over $8 billion daily, roughly seven times more than its closest rival, Coinbase.
