Bitcoin trades at slight discount on Binance.US as banking partners cut ties Bitcoin trades at slight discount on Binance.US as banking partners cut ties
Bitcoin is currently trading at a discount on Binance.US amid mounting regulatory woes.
2 min read
Updated: Jun. 9, 2023 at 3:36 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin (BTC) is trading at a slight discount on Binance.US following the exchange’s announcement of its banking partners’ decision to halt USD payment channels on June 13, amidst ongoing regulatory troubles, according to Kaiko data.
Kaiko stated that BTC traded at a premium on Binance.US between June 6 and June 8 when rumors surfaced that it was processing faster BTC withdrawals. However, the premium trades soon gave way for discount trades after the exchange said it was transitioning to a crypto-only platform due to its regulatory woes.
Data from CryptoCompare further corroborate Kaiko’s report. According to the data aggregator, the flagship digital asset was trading at $26,649 on Binance US as of press time. This is slightly lower than what it sells on rival platforms like Bitfinex, Bitstamp, Coinbase, and Kraken, where it is exchanging hands for over $26,670.
This slight discount also exists on other digital assets like Ethereum, Solana, and Cardano, according to CryptoCompare data.
Binance regulatory struggles
Earlier today, Binance US said it would suspend USD deposits and recurring buy orders, urging its clients to withdraw their dollars using bank transfers. Additionally, it will start delisting USD trading pairs next week.
The decision is coming amid the recent regulatory troubles facing the firm and its parent company, Binance.
On June 5, the U.S. Securities and Exchange Commission (SEC) sued Binance, claiming it acted as an unregistered exchange, dealer, and broker. The regulator further claimed that the exchange offered crypto securities tokens like BNB coin (BNB) and the Binance USD (BUSD) stablecoin to Americans – a charge Binance disputed.
Since then, the regulator has moved to freeze Binance’s U.S. assets and summoned Changpeng “CZ” Zhao to appear in a D.C. court. Additionally, U.S. lawmakers urged the Department of Justice to investigate statements previously made by the exchange.
Despite these challenges, Binance.US has assured its users that their funds are safe and that the exchange will continue to operate normally.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.
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Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
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Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Bitfinex
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.