Then India and Now Australia - Crypto Exchanges Problem

Binance Australia has started having a problem with the banks in Australia and because of that they will stop the banking transactions from 1st June and because of that the Bitcoin in Australia was trading at $21K to $22K which is quite lower than the actual price of the Bitcoin. People in Australia have started selling there Bitcoin in lower prices so that they can withdraw before 1st June.

PC: Pixabay.com

Now this is the problem the exchanges are facing all over the world. In India too when the government have announced the unofficial ban or the tax most of the banks have stopped the operations with the exchanges and we have to face the problem of getting the money in and out from the exchange. Though we had the P2P which served the purpose but still getting the money in the bank is very much needed.

In Australia too, the Binance Asutralia has informed their customers that they cannot withdraw the Fiat using the Australian PayId, which is the popular way of withdrawing as their third party service is having a problem. They have given a deadline upto 1st June and also said that they are searching for the alternative. The users are actually selling their position is much discounted rare and thas the Bitcoin was trading at the lower price.

Westpark which is one of the largest bank in Australia has also banned the transactions with the crypto exchanges citing spam and fraud entitled activities. And thus Australian doesn't have any other options then selling their position until everything is clear. I think the same thing happened with Indian exchanges too. And now there will be some update from the Asutralian government too, which will make more problem for the people.

This is becoming now a global problem, more and more country is coming forward to start banning the crypto or doing some arm twisting so that they do not operate.