Binance, the world’s largest cryptocurrency exchange,’s Australian arm’s bitcoin prices were 20% below other exchanges, indicating clients were selling swiftly.
Bitcoin’s price was A$34,000 ($23,062) on Binance Australia and A$43,000 on BTC Markets, an Australian cryptocurrency exchange.
Bitstamp, for instance, listed Bitcoin at $27,790 outside Australia.
“Due to the recent removal of fiat on-ramp services by our payment processor’s banking partner, some Australian users have been withdrawing their AUD holdings from the platform in advance of the off-ramp closure on 1 June,” a Binance spokesman stated in an email.
AUD pairings have had less liquidity, which has affected their pricing. As fiat off-ramp services close, we will delist remaining AUD pairs.”
A third-party service provider switched off its service, preventing some Australian customers from depositing or withdrawing money.
After losing its financial services license amid a regulatory investigation, the company announced in April that it would close its Australian derivatives business.
Binance handles 70% of the global cryptocurrency trade and has been fighting regulatory challenges and probes. The corporation initially operated in Bitcoin to sidestep the global banking system.
Binance needed conventional bank accounts as it gained customers and workers. So Silvergate Bank, the March-collapsed US institution, was used. Signature Bank, another Binance client, was acquired by New York’s leading financial regulator the same month.
Small Binance units struggle to get bank accounts. Company messages and former executives told Reuters that most big banks rejected the exchange because of compliance worries regarding crypto firms’ funding sources.