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Ahmedabad: On Tuesday, bitcoin prices on Binance, the largest cryptocurrency exchange in the world, were 20% lower than those on competing exchanges, indicating that users were looking to swiftly liquidate their positions.
The cost of bitcoin, the most popular cryptocurrency in the world, was about A$34,000 ($23,062) on Binance Australia compared to about A$43,000 on BTC Markets, an exchange based in Australia.
Outside of Australia, Bitcoin was valued at about $27,790 on international platforms including Bitstamp.
Some Australian customers have begun removing their AUD holdings off the platform ahead of the off-ramp shutdown on June 1 due to the recent suspension of fiat on-ramp services by our payment processor’s banking partner, a Binance spokesman said in an email.
“As a result, there has been less liquidity for AUD pairs, which has affected pricing. As the Fiat off ramp services close, we will delist the remaining AUD pairs.
Binance Australia customers offering discounted Bitcoin for sale.
A third-party service provider turned off its service earlier this month, the Binance company reported, and certain users in Australia won’t be able to deposit or withdraw money.
The corporation announced in April that it will shut down its Australian derivatives division after giving up its financial services license after an investigation into its business practices.Binance, which is responsible for up to 70% of all cryptocurrency trading globally, has been defending itself against legal actions and investigations.
The company initially only conducted commerce in cryptocurrencies, which allowed it to circumvent the world financial system.However, as Binance developed in both client base and employee numbers, so did its requirement for traditional bank accounts.
It made use of Silvergate Bank, a failed American lender from March. The same month, another crypto-friendly bank, Signature Bank, where Binance was a customer as well, was taken over by New York’s top financial regulator.
Few of Binance’s minor units have been able to open bank accounts. According to corporate messaging and former executives, the majority of large banks rejected the exchange owing to compliance issues about the source of funds used by cryptocurrency companies, as reported by Reuters.
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