The price of the world’s largest cryptocurrency was nearly A$34k ($23,062) on Binance Australia, compared with nearly A$43k on BTC Markets, an Australia-based cryptocurrency exchange

The price of Bitcoin on the Australian arm of Binance, the world’s biggest cryptocurrency exchange, was at a 20 per cent discount to competitor exchanges on Tuesday, in an indication customers were looking to exit their positions swiftly.

The price of the world’s largest cryptocurrency was nearly A$34k ($23,062) on Binance Australia, compared with nearly A$43k on BTC Markets, an Australia-based cryptocurrency exchange.

Bitcoin was quoted around $27,790 outside Australia on other exchanges like Bitstamp .

Because of the recent removal of fiat on-ramp services by the banking partner of our payment processor, some Australian users have been taking out their AUD holdings from the platform ahead of the off-ramp shutdown on 1 June, according to a Binance spokesperson.

Because of this, AUD pairs have experienced less liquidity which has affected their pricing. We will be delisting rest of the AUD pairs in accordance with the closure of fiat off-ramp services.

The firm stated in April it would shut down its Australian derivatives business after renouncing a financial services licence amid a regulatory probe into its operations.

Binance, which accounts for 70 per cent of trading in cryptocurrencies globally, has been fighting regulatory suits and probes around the world.

The firm initially did business exclusively in crypto, allowing it to avoid the global banking system.

But as it drew more customers and appointed more staff, its requirement for traditional bank accounts increased. It used Silvergate Bank, the U.S. lender that failed in March. The same month, New York’s chief financial regulator took over one more crypto-friendly bank, Signature Bank, where Binance was also a client.