News

Bitcoin Trading Cheaper on Binance Australia 

single-image

Binance has been embroiled in regulatory battles for some time now as its derivatives license was revoked by the Australian Securities and Investments Commission following a probe into its dealings.

Binance has been embroiled in regulatory battles for some time now as its derivatives license was revoked by the Australian Securities and Investments Commission following a probe into its dealings.

Bitcoin is being sold at a significant markdown on the Australian branch of Binance which is arguably the largest cryptocurrency exchange in the world. Bitcoin price on Binance Australia was hovering around $23,062, compared to $29,000 on fellow Australia-based cryptocurrency exchange BTC
Markets.

The latest development stems from the May 18 announcement from Binance Australia, which informed its client that it would temporarily halt Australian dollar services following a decision made by a third-party payments provider.

Stay in the know on crypto by frequently visiting Crypto News Today

The ripple effect of the decision also saw Binance Australia halt AUD trading pairs for cryptocurrencies including Bitcoin, Ethereum, XRP, Cardano, Dogecoin, MATIC, and Solana.

The subsequent update involved users engaging in an alarming withdrawal spree of their digital assets and then putting them into Australian dollars before the June 1 deadline for local bank withdrawals.

Advertisement

Bank transfer deposits were promptly suspended, although withdrawals via PayID were set to continue until June 1 at 5 p.m. local time. Binance Australia also cautioned its Australian customers that any remaining Australian dollars on the platform after May 31 will be automatically converted to USDT.

In addition, the cryptocurrency platform issued a warning regarding the planned delisting of multiple trading pairs involving Australian dollars on June 1. Customers were also advised to be cautious and mindful of the risks involved in trading.

Binance has been embroiled in regulatory battles for some time now as its derivatives license was revoked by the Australian Securities and Investments Commission following a probe into its dealings. The crypto exchange reportedly misclassified traders as wholesale investors.

Changpeng Zhao, founder and CEO of the crypto company, has also been the subject of legal action from the Commodity Futures Trading Commission (CFTC). The CEO, along with three affiliated entities of Binance, was hit with charges of unlawful activities and violating regulations set by the CFTC.

Binance, amidst its troubled waters, has, however, expressed its ongoing efforts to secure a new service provider to ensure the continuity of Australian dollar deposits and withdrawals. Customers can still use credit or debit cards to purchase and sell digital assets, with rates aligning with current market trends.

Swyftx, an Aussie cryptocurrency broker that previously relied on Binance for liquidity, had assured its users that the termination of Binance’s Australian dollar on-and-off ramps would have no impact on its own operations.CRYPTOCASTER® - DECENTRALIZED FREEDOM!
Read More at COINSPEAKER


We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


CRYPTOCASTER HEATMAP


You may also like