Binance Australia Users Reportedly Offloading Bitcoin at Lower Rates Compared to Competing Exchanges
In a noteworthy display of haste, customers of Binance Australia, the world’s largest cryptocurrency exchange, were observed offloading their bitcoin holdings at a substantial discount of nearly A$9,000 compared to rival exchanges on Tuesday.
The prevailing value of bitcoin, the foremost digital currency, stood at approximately A$34,000 ($23,062.20) on Binance Australia, while its counterpart on BTC Markets, an Australia-based cryptocurrency exchange, reached A$43,000. Meanwhile, the international bitcoin quote remained at $27,790, standing outside the bounds of Australia.
Despite these intriguing market developments, Binance has not yet provided a response to Reuters’ inquiry for comment on the matter.
It is worth mentioning that Binance’s Australian branch has encountered recent obstacles, with certain customers experiencing limitations on deposit and withdrawal operations due to the termination of services by a third-party service provider.
Notably, Binance has been embroiled in regulatory challenges and investigations across multiple jurisdictions. In April, the company announced the closure of its Australian derivatives business following the surrender of its financial services license amid a regulatory investigation into its operations.
Please note that the conversion rate at the time was $1 = 1.4743 Australian dollars.
