A panic selling frenzy on Binance Australia has sent the price of bitcoin (BTC) on the exchange nearly AUD 9,000 ($5,900) lower than competitors’ prices.
Per sources close to the matter, the price of bitcoin has cratered to AUD 34,000 (around $23,062) on Binance Australia, representing almost a $5,900 discount compared to $28,000 on BTC Markets, another Australia-based exchange.
Though Binance Australia has failed to comment on the huge price disparity, the exchange’s recent suspension of AUD deposits and withdrawals and the regulatory challenges it faces in Australia gives the best explanation. Binance Australia relinquished support for Australian dollar deposits earlier this month.
On May 18, Binance Australia announced the indefinite suspension of AUD deposits via PayID. The exchange claimed the decision to end the service was due to an issue with its third-party payment service provider.
Sources suggest the move may be connected to the exchange’s troubles with the Australian Securities and Investment Commission (ASIC), which recently canceled the exchange’s derivatives trading license following a probe into the company’s operations in the country.
