Bitcoin Trades at 18% Discount on Binance Australia as Exchange Cuts On-Ramp

Minty News

05/31

Title: Bitcoin discounted by 20% on Binance Australia, but obstacles persist

Overview: Bitcoin (BTC) is trading at a 20% discount on Binance's Australian platform due to less liquidity caused by the removal of fiat on-ramp services. However, users face hurdles converting cryptocurrencies to Australian dollars and Binance has announced plans to delist several trading pairs involving the Australian dollar on June 1. Binance is searching for an alternate provider to restore the ability to deposit and withdraw Australian dollars. Amid these challenges, Binance is grappling with increasing regulatory scrutiny from several U.S. government agencies.

Key Points:

- Bitcoin is trading at a 20% discount on Binance's Australian platform due to less liquidity caused by the removal of fiat on-ramp services.

- Binance's spokesperson stated that the closure of fiat off-ramp services has impacted the AUD pairs pricing and they will delist remaining AUD pairs.

- Users face hurdles converting cryptocurrencies to Australian dollars and Binance announced plans to delist several trading pairs involving the Australian dollar on June 1.

- Binance is searching for an alternate provider to restore the ability to deposit and withdraw Australian dollars.

- Binance is facing increasing regulatory scrutiny from several U.S. government agencies.

Source: Decrypt

Original Link: https://decrypt.co/142799/bitcoin-discount-emerges-binance-australia-as-exchange-cuts-ramp-services

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