As of June 7, 2023, recent data reveals that the value of bitcoin (BTC) is experiencing a premium on the Binance US exchange. The statistics show that on the American crypto trading platform, BTC is trading almost $400 higher for those utilizing the BTC/USD pair.
Binance US Witnesses Bitcoin Premium Amidst Regulatory Turmoil
In light of the U.S. Securities and Exchange Commission’s (SEC) recent lawsuit against , as well as the motion to freeze assets connected to Binance US — its American subsidiary — BTC is being traded at a premium on the U.S. platform. At 7:30 a.m. Eastern Time on June 7, a single bitcoin on Binance US is worth $397.29 more than the worldwide average.
This premium exclusively impacts the BTC/USD pair on Binance US; bitcoin pairs tied to stablecoins such as USDT and USDC are displaying standard prices. Tracking indicates that the ETH/USD pair also has a premium, which is around $25 higher than the typical ethereum price. This development comes after Binance US advised its clients in March that “certain USD deposit services will be temporarily unavailable.”
Moreover, reports released in early April suggested that Binance US was struggling to secure a banking partner in the United States. Currently, Binance US’ status page confirms that though ACH transfers are accessible, there are complications with debit card and wire services. Furthermore, Binance’s international exchange faced pricing inconsistencies in Australia when AUD withdrawals were suspended.
Over the most recent 24-hour period, Binance US registered $255 million in trade volume. This report comes after the substantial outflow that Binance saw since June 3; Bitcoin.com News reported that $1.45 billion worth was withdrawn from the global exchange. Additionally, according to Binance US’ status page, “over-the-counter (OTC) services and select convert trading pairs are temporarily unavailable.”
What are your thoughts on the impact of regulatory challenges faced by Binance US and the resulting premium on Bitcoin trading? Share your thoughts and opinions about this subject in the comments section below.
