According to Kaiko data, Bitcoin (BTC) is trading at a discount on Binance.US after the exchange announced that its banking partners have halted USD payment channels on June 13 due to ongoing regulatory troubles. Kaiko reported that BTC had been trading at a premium on Binance.US between June 6 and 8 when rumors emerged that it was processing faster BTC withdrawals. However, after the exchange announced its transition to a crypto-only platform due to regulatory issues, premium trades transformed into discount trades.
CryptoCompare data supports Kaiko’s report, showing that BTC trades at $26,649 on Binance.US, slightly lower than its price on rival platforms like Bitfinex, Bitstamp, Coinbase, and Kraken, where it is exchanging hands for over $26,670. Other digital assets such as Ethereum, Solana, and Cardano are also experiencing a slight discount on Binance.US.
Binance.US Suspends USD Deposits and Recurring Buy Orders
Binance.US announced today that it would suspend USD deposits and recurring buy orders, urging its clients to withdraw their dollars through bank transfers. Furthermore, it will start delisting USD trading pairs next week. The decision comes 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, alleging that it acted as an unregistered exchange, dealer, and broker. The regulator claimed that the exchange offered crypto securities tokens like BNB coin (BNB) and the Binance USD (BUSD) stablecoin to Americans. Binance disputed the charge. Since then, the regulator has frozen Binance’s U.S. assets and summoned Changpeng “CZ” Zhao to appear in a D.C. court. Additionally, U.S. lawmakers have called on the Department of Justice to investigate statements previously made by the exchange.
Binance.US Assures Users Their Funds Are Safe
Despite the challenges, Binance.US has reassured its users that their funds are safe and that the exchange will continue to operate normally. The platform has been working hard to comply with regulatory requirements and has hired a former Office of the Comptroller of the Currency (OCC) official as its Chief Executive Officer. The exchange has also formed a partnership with Silvergate Bank, a crypto-friendly bank, to ensure that it has access to a reliable banking partner.
Binance.US is experiencing a slight discount on Bitcoin trading following the announcement of its banking partners’ decision to halt USD payment channels. The platform has also suspended USD deposits and recurring buy orders while urging its clients to withdraw their dollars using bank transfers. Despite the regulatory challenges, Binance.US has assured users that their funds are safe and that the exchange will continue to operate normally.