Crypto News

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

Bitcoin (BTC) is trading at a slight discount on Binance.US amid ongoing regulatory troubles following the exchange’s announcement on June 13 of the decision to block USD payment channels from its banking partners, according to KYCO. statistics,

Kaiko said BTC traded at a premium on Binance.US between June 6 and June 8 when rumors surfaced that it was processing BTC withdrawals faster. However, premium trades soon gave way to discount trades, as the exchange said it was transitioning to a crypto-only platform due to its regulatory woes.

Data from Cryptocurrencies further corroborates Caco’s report. According to the data aggregator, the leading digital asset was trading at $26,649 on Binance US as of press time. This is slightly lower than what it is selling for on rival platforms such as Bitfinex, Bitstamp, Coinbase, and Kraken, where it is exchanging hands for over $26,670.

According to CryptoSwap, this slight discount also exists on other digital assets like Ethereum, Solana and Cardano. statistics,

Binance Regulatory Struggles

Earlier today, Binance US said it would suspend USD deposits and recurring buy orders, urging its customers to withdraw their dollars using bank transfers. Additionally, it will start delisting USD trading pairs next week.

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

On June 5, the US Securities and Exchange Commission (SEC) sued Binance, alleging that it operated as an unregistered exchange, dealer, and broker. The regulator further claimed that the exchange offered crypto securities tokens such as BNB Coin (BNB) and the Binance USD (BUSD) stablecoin to Americans – a charge Binance disputed.

Since then, regulators have moved to freeze Binance’s US assets and summoned Changpeng “CZ” Zhao to appear in a DC court. Additionally, US lawmakers urged the Justice Department to investigate statements previously made by the exchange.

Despite these challenges, Binance.US has reassured its users that their funds are safe and the exchange will continue to operate as normal.

Related Articles

Back to top button