Introduction
Bitcoin is currently selling for $5,000 cheaper on Binance Australia than on other major exchanges. This is due to the fact that Binance Australia is suspending its Australian dollar (AUD) services. As a result, traders are rushing to sell their Bitcoin before the deadline for AUD withdrawals passes.
How the price difference is being created
The price difference is being created by arbitrageurs. Arbitrageurs are traders who buy and sell assets in different markets in order to profit from price differences. In this case, arbitrageurs are buying Bitcoin on Binance Australia and selling it on other exchanges where the price is higher.
Why the price difference is so large
The price difference is so large because the deadline for AUD withdrawals is approaching. Traders who want to withdraw their AUD from Binance Australia before the deadline are willing to sell their Bitcoin at a lower price.
What this means for traders
Traders who want to buy Bitcoin on Binance Australia should be aware of the price difference. They may want to wait until after the deadline for AUD withdrawals has passed before buying Bitcoin on Binance Australia.
What this means for the future of Binance Australia
It is unclear what the future holds for Binance Australia. The company has said that it is “exploring options” for continuing to offer AUD services. However, it is possible that Binance Australia will eventually cease to offer AUD services altogether.
Conclusion
The price difference between Bitcoin on Binance Australia and other major exchanges is a result of the suspension of AUD services on Binance Australia. Traders who want to buy Bitcoin on Binance Australia should be aware of the price difference and may want to wait until after the deadline for AUD withdrawals has passed before buying Bitcoin on Binance Australia. It is unclear what the future holds for Binance Australia, but it is possible that the company will eventually cease to offer AUD services altogether.
