Panic Selling on Binance Australia

• Bitcoin prices have dropped nearly AUD 9,000 ($5,900) on the exchange compared to competitors’ prices.
• Binance Australia stopped Australian dollar deposits earlier this month.
• The move may be connected to the exchange’s troubles with the ASIC which recently canceled its derivatives trading license.

Price Drop for Bitcoin on Binance Australia

Binance Australia has sent shockwaves through the crypto community as users in panic selling their coins have caused a drastic price drop in bitcoin (BTC). Sources close to the matter report that the price of BTC has plummeted to AUD 34,000 (around $23,062) compared to competitors’ prices of AUD 28,000 ($18,220), representing a near $5,900 difference.

Suspension of Australian Dollar Deposits

The huge disparity is closely related to Binance Australia’s suspension of Australian dollar deposits and withdrawals via PayID earlier this month due to an issue with their third-party payment service provider. Although Binance has yet to comment publicly on this matter, speculation suggests that it may be connected to their recent regulatory issues with ASIC.

Regulatory Issues With ASIC

Recent investigations by ASIC into Binance’s business operations in Australia led to its derivatives trading license getting revoked. This could explain why Binance suspended AUD deposits and why users are now experiencing such a drastic price drop in BTC which was previously worth around AUD 28,000 ($18,220).


The events at Binance Australia are indicative of a growing trend amongst exchanges struggling with regulation across various jurisdictions as well as an increasingly uncertain market environment for cryptocurrencies. Despite these challenges however, bitcoin remains one of the most popular and successful digital assets today and is sure to remain so in years ahead.