Bitcoin (BTC) is trading at a 20% discount on Binance Australia following banking problems in the country

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According to data from CCData, Bitcoin was trading around 20% off the arm of Binances Australia on Tuesday, compared to competing exchanges.

It comes after Binance Australia halted Australian dollar bank transfers earlier this month, citing its third-party payment service provider as the problem and said it was working to find an alternative. Binance Australia will allow withdrawals in AUD until June 1.

Binance’s announcement prompted traders to sell their BTC/AUD pairs, leading the price to an all-time high discount, CCData research analyst Hosam Mahmoud said in a chat with CoinDesk.

Bitcoin was trading at around AUD$33,400 ($21,700) on Binance compared to other exchanges such as Kraken, Coinjar, and BTCMarkets, where it was trading at around AUD$42,500 ($27,700), according to CCData.

Binance Australia also had its derivatives license revoked in April, after the exchange filed for closure.

Although the exchange assured customers that it would continue to operate in Australia, the effort failed to resolve the issue, according to Mahmoud. This is evidenced by record trading volumes for BTC/AUD pairs, he said.

Daily trading volumes on Binance for the BTC/AUD pair were 12,293,856.55 on May 18 before the announcement, and dropped to a low of 912,297.20 on May 20, according to CCData.

According to our data, despite the large discount, arbitrageurs are profiting from the lower prices, suggesting that the problem could be resolved once the funds are transferred to USDT.

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