Binance Australia Cuts On-Ramp Services, Offering 18% Discount on Bitcoin

Binance Australia Cuts On-Ramp Services, Offering 18% Discount on Bitcoin

Australian users of Binance are currently experiencing a significant discount on Bitcoin compared to its usual price. As of today, BTC is listed at a steep 20% discount, with one BTC trading for approximately $35,875 AUD, or roughly $23,457.

The discount is due to the recent removal of fiat on-ramp services by Binance's payment processor's banking partner, causing some Australian users to withdraw their AUD holdings from the platform in advance of the off-ramp closure on June 1st.

Binance has advised its users that any remaining Australian dollars on the platform will be automatically converted into the stablecoin Tether (USDT) after May 31st. As a result, AUD pairs have experienced less liquidity, impacting their pricing. Remaining AUD pairs will be delisted in line with the closure of fiat off-ramp services.

While the discounted Bitcoin on Binance's Australian platform appears as an attractive arbitrage opportunity, users still face several significant hurdles. The platform has stopped accepting deposits in Australian dollars, and converting other cryptocurrencies into Australian dollars now involves substantial premiums.

On top of that, Binance has announced plans to delist several trading pairs with the Australian dollar on June 1st, adding another layer of complexity to the trading experience for its users.

Despite these challenges, Binance is actively searching for an alternate provider to restore the ability to deposit and withdraw Australian dollars. Meanwhile, users can still buy and sell cryptocurrencies using credit or debit cards, with rates currently in line with the market.

In conclusion, while the discount on Bitcoin may seem like a great opportunity, it's important to weigh the potential risks and obstacles associated with trading on Binance's Australian platform. As always, investors should do their research and invest wisely.

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