Bitcoin with an 18% discount due to problems between Binance and banking partner

Binance has been through a lot in recent months. Not only did it get the government behind the pants, some banks also chose not to process payments to and from Binance anymore. They wanted the risk no more walking. The problem has now spread to Australia, causing bitcoin (BTC) to trade at a whopping 18% discount on Binance.

Binance is discontinuing all Australian trading pairs

Binance’s trading interface shows that the BTC price measured in Australian dollars is around AUD 34,400 at the time of writing. That is about 21,000 euros, while the bitcoin price in euros is about 25,800 euros. Even on Binance, that price is in euros.

A Binance spokesperson stated Decrypt that the problem lies with its Australian banking partner. “Some Australian users have withdrawn their Australian dollars before the closure of the off-ramp,” the company told the crypto news website. Like the crypto exchange also mentions in the trading interface the BTC/AUD trading pair will disappear from the supply on June 1 at 8 a.m. Dutch time.

The bank in question no longer wants to process transactions from and to Australian customers, which has significantly reduced interest in the BTC/AUD trading pair on Binance. The same goes for all other AUD trading pairs. After Thursday morning, all AUD holdings will be automatically converted to USDT.

Problems at Binance

Binance’s Australian partner is not the only company causing problems for Binance. Something similar applies to the US sister company of the exchange, Binance.US. In April, the company said it had not yet found a replacement.

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Whether the concerns of Binance’s banking partners are justified is still debatable. Reuters recently released a worrying report that the exchange allegedly mixed customer funds with its own money for two years so that it had more capital for its own purposes. Stories like this could be a factor in how banks interact with Binance.

Yet Binance is not the only platform that makes banks unhappy. In the United Kingdom, contact between crypto companies and banks would be very difficult on a large scale.

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