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Bitcoin selling for $5K cheaper on Binance Australia as fiat ramp closes

May 30, 2023 Coin Telegraph

Bitcoin selling for K cheaper on Binance Australia as fiat ramp closes

AUD

One Bitcoin can be bought for the equivalent of $22,000 on Binance Australia if paid using Australian dollars. The problem is getting the funds there.

Bitcoin (BTC) is trading hands at a hefty discount on the Australian branch of the Binance crypto exchange, with the price of Bitcoin down as much as 21% if traded against the Australian dollar.

The move comes as traders rush to cash out their crypto holdings into Australian dollars before the door for local bank withdrawals closes in a few days.

On May 18, Binance Australia informed users that it is suspending Australian dollar services after a decision by its third-party payments provider.

Deposits via bank transfer were halted immediately, while withdrawals using the PayID service are set to remain open until June 1 at 5 pm local time. The exchange has also warned its Australian clients that any Australian dollars remaining on the exchange after May 31 would be automatically converted into USDT.

The announcements have since caused a progressive rush to cash out, causing BTC prices to become heavily discounted.

At the time of publication, one BTC can be purchased for only 33,750 Australian dollars, equating to around $21,987, or 21% lower than the global spot rate.

*BTC/AUD rate on May 30. Source: Binance Australia*

Those hoping to capitalize on the cheaper Bitcoin may be disappointed, however.

Without the ability to deposit Australian dollars into the trading wallet and hefty premiums for converting other crypto assets into Australian dollars, users may find it difficult to get their hands on the discounted BTC.

*AUD/USDT trading pair. Source: Binance Australia*

Binance has also warned of the delisting of several crypto trading pairs with Australian dollars on June 1 and for users to “pay attention to the risks when trading.”

Meanwhile, Binance said it is continuing to look for an alternate provider to continue offering Australian dollar deposits and withdrawals. Currently, the ability to buy and sell crypto using credit or debit cards is still available, though these rates appear to be in line with the market.

While AUD deposits by bank transfers are no longer available to Binance users in Australia, there are still several ways Aussie users can deposit onto the exchange.

- Credit or debit card
- Use P2P to buy and sell crypto
- Third Party Payment

Details: https://t.co/DSRhaebEfS pic.twitter.com/dQSKfJXYHK
— Binance Australia (@Binance_AUS) May 27, 2023

Binance has been in hot water with regulators down under as its derivatives license was canceled by the Australian Securities and Investments Commission last month. It is also facing a massive investigation by the U.S. Commodities and Futures Trading Commission.

Aussie crypto broker Swyftx, which relied on Binance for its liquidity needs, h previously stated that the severing of Binance’s Australian dollar on/off-ramps would not affect its own operations.

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Binance has also had problems with SWIFT, its banking partner for USD transfers over the last few months.

Binance is scrambling to find a new service partner to process British Pound (GBP) transfers on its trading platform after its current partner, Skrill Limited announced it will soon cease providing services to the crypto exchange.

Binance explained in a Mar. 13 email to “Binancians” that Skrill would stop processing GBP deposits and withdrawals via bank transfer with its “Faster Payments Service” and card in May. 22.

“We regret to inform you that our GBP fiat partner, Skrill Limited, has informed us that it will stop offering GBP fiat services, namely deposits and withdrawals via Faster Payments and card, to Binance users,” the statement read.

*Binance's email to users regarding GBP service suspension. Source: Twitter*

The trading platform added that they are “working hard to find an alternative provider” to provide GBP on and off-ramp services to users as soon as possible.

It has about nine weeks to find an alternative before Skrill terminates its services.

Binance however confirmed that the change would not impact Binance Accounts or any Binance.com products or services.

*Steps to deposit GBP on Binance. Source: Binance.*

This isn’t the only service provider dilemma that Binance has dealt with of late either.

Binance temporarily suspended USD bank transfers on Feb. 8 but did not provide an explanation as to why, other than that it would work to restart the feature as soon as possible. At the time, the halt did not apply to the U.S.-based independent entity, Binance.US.

On Jan. 21, Binance also announced that its primary banking partner, SWIFT would ban U.S. Dollar transfers below $100,000 on the trading platform. This service ceased on Feb. 1.

Binance then announced on Jan. 23 that Binance users of 143 countries would no longer have access to the SWIFT USD bank deposit and withdrawal channel at all.

The United States, United Kingdom, Australia, France and Germany were some of the few countries that made the cut.

Cointelegraph reached out to Binance and Paysafe, the parent company of Skrill, but did not receive an immediate response.

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bank account

Binance stressed that credit and debit card payments will continue to be accepted and that non-USD bank transfers would still be processed through the SWIFT payment system.

Binance has informed its retail customer base of a potential incoming service disruption that may halt on and off-ramp bank payment transfers.

The service disruption will impact users of U.S Dollar-held bank accounts that are looking to buy or sell cryptocurrencies for less than $100,000 via the SWIFT payment system. The disruption will take effect on February 1.

Binance announced the news to its “Binancians” by email on January 21, stressing that they’re now “actively seeking” a new SWIFT (USD) partner to avoid service disruptions for future bank payment transfers.

The cryptocurrency exchange added that this was the banking partner’s decision and that Binance wouldn’t be the only trading platform impacted by the change:

“This is the case for all of their crypto exchange clients. Please be advised that until we are able to find an alternative solution, you may not be able to use your bank account to buy or sell crypto with USD via SWIFT with a value of less than $100,000 USD after February 1st, 2023.”

Binance did however stress that customers would still be able to use their credit or debit card to buy or sell cryptocurrencies, and that payments to or from third-party exchanges would still be processed.

*Binance's letter to Binance retail users on January 21. Source: Binance.*

The cryptocurrency exchange added that SWIFT-based transfers would remain in operation for non-USD bank transfers, such as the Euro.

Binance confirmed the change wouldn’t impact its “Corporate Accounts.”

The banking partner involved is Signature Bank, according to a Jan. 21 report by Bloomberg. The bank set the minimum transaction limit of $100,000 in effort to decrease its exposure to the digital asset market, Bloomberg explained.

While payment service disruption wasn’t Binance’s decision, the trading platform has suspended transfers in recent times.

Binance recently imposed a temporarily suspension on Solana-based USDT and USDC deposits on November 17.

While the exchange also temporarily suspended Ether (ETH) and wrapped-Ether (wETH) deposits and withdrawals for about 10 days ahead of the Ethereum Merge.

Update 12:50am UTC time on January 22: Added a statement from Bloomberg.

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