• Panic selling on Binance Australia has caused the price of Bitcoin (BTC) to drop nearly AUD 9,000 ($5,900) lower than competitors’ prices.
• The exchange recently suspended Australian dollar deposits and withdrawals due to an issue with a third-party payment service provider.
• This decision is likely connected to the exchange’s troubles with the Australian Securities and Investment Commission (ASIC).

Binance Australia Price Disparity

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.

Suspension of AUD Deposits and Withdrawals

Binance Australia relinquished support for Australian dollar deposits earlier this month. On May 18th , Binance Australia announced the indefinite suspension of AUD deposits via PayID. The exchange claimed that this decision was due to an issue with its third-party payment service provider.

Regulatory Challenges in Australia

Sources suggest that this 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 its operations in the country.

Binance US Seeking To Reduce CZ’s Majority Stake

In other news related to Binance US is seeking reduce CZ’s majority stake in order mitigate potential risks associated with his control over various subsidiaries within their network cross borders including those located in US jurisdictions which could cause them legal issues in future if not properly addressed.


Overall it appears that regulatory uncertainty surrounding cryptocurrency exchanges operating within countries like Australia are causing traders who use these platforms significant stress as they have little control over what happens next due their lack of understanding regarding regulations or lack thereof governing such services resulting in some opting out altogether by liquidating their assets quickly before any more drastic measures can be taken against them by local authorities thus driving down prices further for everyone else using same platform .