Bitcoin trades 20% cheaper on Binance Australia due to banking issues in the country

According to data from CCData, on Tuesday Bitcoin was trading at a discount of about 20% on Binance’s Australia branch compared to its competitors.

Earlier this month, Binance Australia stopped accepting bank transfers in Australian dollars, citing issues with its third-party payment service provider and claiming to be looking for an alternative. However, AUD withdrawals will still be allowed until June 1st.

CCData’s Hosam Mahmoud stated in a conversation with CoinDesk that “the announcement from Binance prompted traders to sell their BTC/AUD pairs, resulting in the price reaching a historically high discount.”

According to CCData, Bitcoin was trading at around $33,400 AUD ($21,700) on Binance while other exchanges such as Kraken, Coinjar, and BTCMarkets had it at around $42,500 AUD ($27,700).

In April, Binance Australia had its derivatives license canceled after it requested to shut down.

Despite the discount, arbitrageurs are taking advantage of the lower prices, suggesting that the issue may be resolved once the funds are transferred to USDT, according to CCData.

Daily trading volumes on Binance for the BTC/AUD pair dropped from 12,293,856.55 on May 18 to a low of 912,297.20 on May 20, as per CCData.

Edited by Aoyon Ashraf.