Vegemite discount?

Bitcoin (BTC) is currently experiencing a significant discount on Binance‘s Australian platform.

As of today, the cryptocurrency is listed at a steep 20% discount compared to its usual price, with one BTC trading for approximately $35,875 AUD, or roughly $23,457.

This value contrasts with the average Bitcoin price on different exchanges, which stands at roughly $42,500 AUD, according to CryptoCompare.

“Due to the recent removal of fiat on-ramp services by our payment processor’s banking partner, some Australian users have been withdrawing their AUD holdings from the platform in advance of the off-ramp closure on 1 June,” a Binance spokesperson told Decrypt.

The on-ramp’s removal was first shared with users on May 18. At that time, Binance advised its users that any remaining Australian dollars on the platform will be automatically converted into the stablecoin Tether (USDT) after May 31.

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Author: Mattis Meichler

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