Binance Australia seen selling bitcoin for reduced price

Binance Australia customers seen selling bitcoin for a reduced price to rival exchanges.

Bitcoin prices on the Australian arm of Binance, the world's largest cryptocurrency exchange, were nearly A $9,000 lower than prices on rival exchanges on Tuesday, signaling that customers were seeking to exit their positions quickly.

Bitcoin, the world's most valuable cryptocurrency, was at A $34,000 $23,062. 20 on Binance Australia, compared with A $43,000 on BTC Markets, an Australia-based cryptocurrency exchange.

Bitcoin is listed at $27,790 outside Australia.

In a statement, Binance said that some customers in Australia will not be able to deposit or withdraw money after a third-party service provider cut off its service.

Binance has been grappling with regulatory controversies and investigations across the globe. In April, the company said it would close its Australian derivatives operations after losing a financial services licence because of a regulatory investigation into its operations.