If paying with Australian dollars, one Bitcoin can be purchased on Binance Australia for the equivalent of $22,000. Transporting it there is the issue.
When traded against the Australian dollar, the price of Bitcoin is down as high as 21% on the Australian branch of the Binance cryptocurrency market.
The action is being taken as traders scramble to convert their cryptocurrency holdings into Australian dollars before the window for withdrawals from AUD bank accounts ends on June 1 at 5 p.m. local time.
Following a decision by its third-party payments provider, Binance Australia told users on May 18 that it is discontinuing Australian dollar services.
Bank transfer deposits were immediately stopped, although PayID withdrawals may still be made up until June 1 at 5 p.m. local time. Additionally, the exchange has informed its Australian customers that any AUD still in their accounts as of May 31 will be immediately converted into USDT.
Since the announcements, there has been a steady push to cash out, which has driven down the price of bitcoin (BTC).
However, those looking to profit from the cheaper Bitcoin might be let down.
Users can find it challenging to obtain the reduced BTC if they cannot deposit AUD into the trading wallet and must pay high fees to convert other crypto assets into AUD.
Additionally, Binance has cautioned users to “pay attention to the risks when trading” and that a number of cryptocurrency trading pairings with AUD will be delisted on June 1.
Binance has announced that it is continuing its search for an alternative provider that will continue to permit Australian dollars to be used for deposits and withdrawals. Even if these prices seem to be in line with those of the market, it is still feasible to purchase and sell cryptocurrencies at this time using credit or debit cards.