Crypto traders in Australia are super excited as Binance reportedly opened an exclusive Bitcoin discount offer to them in the region. As intriguing as the new development is to traders, they must act fast as it only lasts for a short while.
According to the report, the Binance branch in Australia has recently opened a fantastic trading offer for savvy investors in the region. The discount offer came at a time when the platform faces an important payment deadline, hence the more reason for traders to take action before it closes.
Due to the open discount offer, the price of BTC on Binance Australia is hugely lower than on other exchanges. In other words, while BTC is currently trading at the $27,000 price mark globally, it is trading at about $22,670 on the Binance Australia market.
However, Binance Australia stated that massive discount prices would last only briefly. Responding to the new development, the report revealed that many traders in the country are already taking advantage of the considerable discount in Bitcoin and other digital assets’ prices.
Australian Binance Trades BTC At Discount Price
The new development has drawn so much attention to the Australian crypto market in the last few hours since the offer was announced. Many significant digital assets now trade at a significantly lower price on Australian Binance than they do on other rival exchanges both in the country and globally.
The Tradingview chart revealed that BTC currently trades on the Australian Binance exchange at the rate of $22 670 per coin, which is significantly lower than it is on Coinjar, Independent Reserve, and other prominent exchanges in Australia. Furthermore, other popular coins like Ethereum and Solana also trade at a 20% discount, according to the report.
According to the news report, crypto speculators revealed that the recent payment changes on the platform majorly prompted the sudden discount on Binance Australia. Users cannot withdraw Australian dollars on the platform again as of June 1.
This is because the Australian government has forbidden Binance Exchange from using its Aussie dollar deposit services. As a result, the exchange no longer has access to banking services in the region.
The denial has a general effect on crypto investors in the country who are using the Binance exchange. They can not use their PayID services to withdraw or deposit funds on the platform again. Hence, they would have to resort to the use of debit and credit cards.
Experts Explain Reasons Behind Discount Sales
Furthermore, some crypto experts also shared their opinions on the cause of the discounted BTC prices. The CEO of Digital Asset Capital Management, Richard Galvin, stated that Australian customers are selling off their BTC at a lower cost to enable them to withdraw their funds in AUD before the fast-approaching PayID deadline arrives.
Galvin said everyone is hurrying to avoid having their funds stuck on the platform after the given deadline. Meanwhile, the tense air of urgency created by the deadline presents a perfect opportunity for crypto investors willing to buy assets at lower prices, according to the experts.
In addition, Binance Australia has developed an easy strategy to help clients easily withdraw their funds. After the deadline, Binance said clients could convert their AUD to Tether stablecoin USDT) to improve trading activities and withdrawals.
Furthermore, the trading platform stated that it actively seeks alternative payment service providers to reinstate AUD transaction services in the country. In conclusion, it assures its Australian customers of a solution soon as it is committed to offering them a seamless user experience.
The platform actively seeks alternative providers to restore AUD deposit and withdrawal services, underscoring its commitment to offering a seamless user experience.
Meanwhile, the price of Bitcoin has not shown much movement in the past week. The primary and largest digital asset by market cap has shown a slow upward trend as it increased by 1.7% in the past week, according to the Tradingview price chart. BTC currently trades at $27,849 at the time of publication.