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Binance Australia attributes the decline in AUD liquidity to the decline in Bitcoin

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Binance Australia attributes the decline in AUD liquidity to the decline in Bitcoin


Bitcoin and other computerized resources are exchanging at a huge markdown on Binance Australia as the trade encounters AUD liquidity issues.

In an email to CryptoSlate, Binance said that trading discounts of Bitcoin (BTC) and other digital assets on its Australian platform were caused by reduced liquidity in Australian Dollar (AUD) pairs.

A representative for the crypto trade made sense of that a few clients “have been pulling out their AUD property from the stage fully expecting the stage’s AUD withdrawal administrations suspension, alluded to as “exit ramp conclusion,” on June 1. As a result, there will be less liquidity for digital assets like Bitcoin and the national currency, which will have an effect on their prices.

The Exchange added:

“We will be delisting [the] remaining AUD pairs in line with the closure of fiat off-ramp services. We remain focused on securing additional fiat relationships to service our users.”



Bitcoin, others trade at a discount

In the meantime, a number of Australian crypto traders have discovered the enormous arbitrage opportunities provided by the discount.

According to CryptoComapre data, the flagship digital asset was currently trading on Binance Australia for AUD $34,250 (USD $22,345) at the time of this writing. Compared to other exchanges like IndependentReserve, Luno, and Kraken, where it trades for more than AUD $42,000 (USD $27,401), this price is significantly lower.


Other digital assets, like Ethereum (ETH), show the discount as well. According to CryptoCompare data, Ether is currently trading at AUD $2,375 on Binance Australia, whereas it is over AUD $2,900 on rival exchanges.






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Binance Australia’s banking woes

On May 18, Binance Australia announced that its third-party payment service provider Cuscal had ceased providing the company with its services, which resulted in the company no longer being able to process deposits in Australian dollars (AUD). Westpac, Australia’s oldest bank, outlawed cryptocurrency transactions to unidentified exchanges on the same day.

In light of these issues, Binance Australia began continuously limiting its clients from spot exchanging exercises with the AUD. The exchange announced on May 26 that it would cease Bitcoin spot trading with fiat currency on June 1.

In the mean time, the trade has kept up with that clients can keep exchanging the impacted resources on other exchanging matches inside its foundation.



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