How Buying Bitcoin on Binance Australia Can Save You Money up to $5,000 if you are using Australian dollars. However, there is a shadow on the board that obscures this opportunity, a difficulty persists: the transfer of funds.
Binance Australia: A Bitcoin at $22,000 instead of 27,000?
This unexpected situation has created considerable turmoil in the crypto sphere for several hours. Investors can now acquire Bitcoin with a $5,000 discount, creating excitement in the community. However, things may not be as simple as they seem.
The platform that offers this tempting offer at a price of $22,000 is none other than Binance. Unfortunately, only Australian users can take advantage of this opportunity at this time. Local Binance branch met a problem with his banking partner responsible for Australian dollar transactions, which led to this situation.
Binance Australia Bank Disconnect: How Does It Affect Bitcoin Price?
In a tweet, Binance Australia revealed that its partner simply wanted to distance itself from cryptocurrencies. This undoubtedly testifies the repercussions of the 2022 crisis and the growing industry trend away from traditional banking following the bankruptcy of Signature Bank.
In the meantime, Binance said it continues to research an alternative provider so that it can continue to offer deposits and withdrawals in Australian dollars. Currently, it is still possible to buy and sell cryptocurrencies using credit or debit cards.
More specifically, how does this incident affect the price of Bitcoin? Simply because the platform will no longer allow withdrawals in Australian dollars from June 1.
As a result, many users quickly withdraw their assets from Binance lest their Australian dollars be automatically converted to USDT. This chaotic situation leads to a significant drop in the price of Bitcoin on the platform.
In conclusion, Binance finds itself in a sticky situation with Australian regulators, as its derivatives license was revoked by the Australian Securities and Investments Commission last month. Additionally, the company is facing a major investigation by the US Commodities and Futures Trading Commission.
Australian crypto broker Swyftx, which relied on Binance for its liquidity needs, previously said that the removal of exchange gateways between Australian dollars and cryptocurrencies would not affect its own operations.
Sources: Cointelegraph, Binance Australia
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