Currently $BTC is trading around $27,930 but whereas on Binance Australian branch the price of Bitcoin down as much as 21% if traded against the Australian dollar. If you have Australian dollar in the binance Australia exchange then you can buy 1 $BTC at a discount of almost $5K which means you can get ONE $BTC for close to $34K+ Australian dollar which is approximately $22K+ American dollar. So why this heft discount is being given out to the users on Binance Australia exchange?
There is this news floating around where crypto traders in Australia will not be able to cash out their crypto holdings into Australian dollars before the door for local bank withdrawals closes in a few days. hence the FUD and users selling out their crypto assets at a discounted price.
On May 18, Binance Australia informed users that it is suspending Australian dollar services after a decision by its third-party payments provider.
The deposits via the bank transfer were halted on may 18th itself and then there was a option of withdrawals using the PayID service; which is get to close as well sometime on June 1 at 5 pm local time. Therefore this rush of selling $BTC at a discounted price and people cashing out their crpyto assets from the Binance Australia exchange. Ideally, we have faced similar situation in other countries as well, like in India we saw it also where many banks were not allowing the crypto exchanges bank deposits and withdrawal services and there was this panic selling all across the Indian exchanges.
Use other Alternative for deposits & withdrawals
I understand that AUD deposits by bank transfers will no longer available to Binance users in Australia. But still there are alternative ways that users can leverage for both deposit & withdrawal from the exchange. Which are like::
- Credit or debit card
- Use P2P to buy and sell crypto
- Other Third Party Payment Methods
I have personally used P2P method on Binance India exchange and it works absolutely fine. Incase banks may does not provide their banking services but different methods listed above works and is good alternative to use rather than selling your crypto assets at a heft discount.
Bitcoin selling for $5K cheaper on Binance Australia - BUT why?
Image Credits:: binance australia, twitter, coingecko
Posted Using LeoFinance Alpha