Bitcoin trades at slight discount on Binance.US as banking partners cut ties

admin June 10, 2023

2 1 minute read

According to Kaiko, Bitcoin (BTC) has traded on Binance US after the exchange announced its decision to suspend US dollar settlement channels by its partner banks on June 13, amid ongoing regulatory troubles. It is said that it is traded at a slightly discounted price. data.

Kaiko said BTC traded at a premium on Binance.US between June 6 and June 8, when rumors surfaced that Binance.US was speeding up BTC withdrawal processing. But after the exchange announced it would move to a crypto-only platform citing regulatory difficulties, premium trading was quickly replaced by discount trading.

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CryptoCompare’s data further corroborates Kaiko’s report. At the time of this writing, the flagship digital asset was trading at $26,649 on Binance US, according to the data aggregator. This is slightly lower than the prices sold on competing platforms such as Bitfinex, Bitstamp, Coinbase and Kraken, where he is trading at over $26,670.

Bitcoin price on US exchanges (Source: Cipher comparison)

This small discount also exists for other digital assets such as Ethereum, Solana and Cardano, according to CryptoCompare data.

Fighting Regulations on Binance

Earlier today, Binance.US announced it was suspending US dollar deposits and recurring buy orders, urging customers to withdraw US dollars using bank transfers. In addition, we will begin delisting USD trading pairs next week.

The decision comes amid recent regulatory troubles facing the company and its parent company, Binance.

On June 5, the U.S. Securities and Exchange Commission (SEC) sued Binance for acting as an unregistered exchange, dealer, and broker. The regulator also alleged that the exchange offered cryptocurrency tokens such as BNB Coin (BNB) and Binance USD (BUSD) stablecoins to Americans, an allegation disputed by Binance.

Since then, regulators have moved to freeze Binance’s U.S. assets and subpoenaed Changpeng “CZ” Chao to appear in a DC court. Additionally, U.S. lawmakers have asked the Justice Department to investigate previously issued statements by the exchange.

Despite these challenges, Binance.US ensured that user funds were safe and the exchange continued to operate normally.

CryptoSlate first reported that Binance.US traded bitcoin at a slightly discounted price after a banking partner ended its affiliation.