Binance has cited reduced liquidity in Australian Dollar (AUD) pairs as the cause for trading discounts of Bitcoin (BTC) and other digital assets on its Australian platform, according to an emailed statement to CryptoSlate.
A spokesperson for the crypto exchange explained that some users “have been withdrawing their AUD holdings from the platform in anticipation of the platform’s AUD withdrawal services suspension, referred to as “off-ramp closure,” on June 1. Consequently, Bitcoin and other digital assets paired with the national currency face reduced liquidity, affecting their prices.
The exchange added:
“We will be delisting [the] remaining AUD pairs in line with the closure of fiat off-ramp services. We remain focused on securing additional fiat relationships to service our users.”
Bitcoin, others trade at a discount
Meanwhile, several Australian crypto traders have identified the massive arbitrage opportunities available from the discount.
Data from CryptoComapre s
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