- Binance has faced increased difficulty operating in Australia.
- Data shows that crypto assets on the platform are trading at a discount.
- The exchange has blamed reduced AUD liquidity.
The Australian market has evolved to become rugged terrain for Binance, the world’s largest crypto exchange by volume.
Signs of trouble first appeared in April when Binance Australia asked regulators to cancel its derivatives license amid plans for a targeted review from the Australian Financial Complaints Authority (ASIC). In May, the firm further disclosed that it could no longer process Australian Dollar (AUD) deposits and would cease withdrawals after June 1 due to a decision from its payment provider.
As the deadline approaches, the crypto exchange has again grabbed headlines as data shows that crypto assets such as Bitcoin are now trading at a significant discount on the platform.
Reduced AUD Liquidity
At the…
