As per the latest report from Reuters, Bitcoin’s (BTC) price on the Australian wing of Binance is trading at a steep discount. The report shows that on Tuesday, May 30, the BTC price was almost A$9,000 lower than its price on the rival exchanges.
It seems that users of Binance Australia were in a rush to exit their positions. The Bitcoin (BTC_ price on Binance Australia was trading at around A$34,000($23,062.20). At the same time, its price on other Australia-based crypto exchanges BTC Markets was $43,000, reported Reuters. As of press time, Bitcoin (BTC) is trading 1% down at a price of $27,725 and a market cap of $537 billion.
Binance faced disruptions in Australia as a third-party service provider halted its services, resulting in limited deposit and withdrawal options for some customers. The company’s regulatory challenges worldwide led to the closure of its Australian derivatives business. As a result, Binance also had to relinquish its financial services license.
Amid a decision undertaken by a third-party payment service provider earlier this month, Binance had to AUD fiat deposits. Last week, Binance took the decision to cease AUD trading pairs for cryptocurrencies including Bitcoin, Ethereum, Dogecoin, XRP, Cardano, Solana, and MATIC.
Binance And Regulatory Challenges
The world’s largest crypto exchange Binance has been facing major regulatory challenges in Australia as well as other global jurisdictions. Binance encountered issues in Australia after the Australian Securities and Investments Commission (ASIC) initiated a probe against the exchange. The probe was related to the misclassification of traders as wholesale investors.
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Amid the ongoing regulatory crackdown, the trading volumes on Binance Australia have also dropped considerably. The recent price action on Binance Australia hints that investors want to get out quickly before any other major regulatory action.
Binance is currently under investigation by regulatory authorities. The Commodity Futures Trading Commission (CFTC) has taken legal action against Changpeng Zhao and three entities associated with Binance. They are accused of breaking the law and violating CFTC regulations.
