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Recent data indicates that Bitcoin (BTC) is being traded at a premium on the Binance US exchange as of June 7, 2023. On this American crypto trading platform, BTC is trading nearly $400 higher when paired with USD.

Editor’s Note: As of 1:30 p.m. Eastern Time on June 7, 2023, BTC is being traded at a $1,444 premium per bitcoin compared to the average global exchange rate. Similarly, ETH is trading at a $100 premium per unit on Binance US.

Binance US Experiences Bitcoin Premium Amid Regulatory Turmoil

In light of the U.S. Securities and Exchange Commission’s (SEC) recent lawsuit against Binance and the motion to freeze assets linked to its American subsidiary, Binance US, Bitcoin is being traded at a premium on the platform. At 7:30 a.m. Eastern Time on June 7, the value of a single bitcoin on Binance US exceeded the worldwide average by $397.29.

On Wednesday, June 7, 2023, both BTC and ETH pairs with the U.S. dollar are trading at a premium on Binance US.

This premium specifically affects the BTC/USD pair on Binance US, while bitcoin pairs tied to stablecoins such as USDT and USDC maintain regular prices. Furthermore, the ETH/USD pair also exhibits a premium, with the price of Ethereum being approximately $25 higher than the typical market rate. This development follows Binance US’s March announcement to temporarily suspend certain USD deposit services.

Moreover, reports released in early April indicated that Binance US was facing challenges in securing a banking partner in the United States. Presently, Binance US’s status page confirms that ACH transfers are accessible, but there are complications with debit card and wire services. Additionally, Binance’s international exchange encountered pricing inconsistencies in Australia when AUD withdrawals were suspended.

Over the past 24 hours, Binance US recorded a trade volume of $255 million. This figure comes after a substantial outflow from the global exchange, with $1.45 billion worth of funds being withdrawn since June 3, as reported by CryptokenTop.com News. Binance US’s status page also notes that “over-the-counter (OTC) services and select convert trading pairs are temporarily unavailable.”

What are your opinions on the impact of regulatory challenges faced by Binance US and the resulting premium on Bitcoin trading? Please feel free to share your thoughts and insights on this matter in the comments section below.

Frequently Asked Questions (FAQs) about bitcoin trading premium

What is the reason for Bitcoin trading at a premium on Binance US?

Bitcoin is trading at a premium on Binance US due to regulatory challenges faced by the exchange, including a lawsuit from the U.S. Securities and Exchange Commission (SEC) and an asset freeze motion. These factors have caused disruptions and uncertainties in the trading environment, leading to higher prices for Bitcoin on the platform.

Are other cryptocurrencies also experiencing a premium on Binance US?

Yes, besides Bitcoin, other cryptocurrencies like Ethereum (ETH) are also trading at a premium on Binance US. Both BTC and ETH pairs with the U.S. dollar are fetching higher prices compared to the typical market rates. However, it’s important to note that this premium seems to be exclusive to the BTC/USD and ETH/USD pairs, as bitcoin pairs tied to stablecoins such as USDT and USDC maintain regular prices.

What challenges is Binance US facing with its services?

Binance US is currently facing challenges with its banking partnerships in the United States. While ACH transfers are accessible, there are complications with debit card and wire services. Additionally, Binance’s international exchange experienced pricing inconsistencies in Australia when AUD withdrawals were suspended. These issues have created obstacles for users in accessing certain services and have contributed to the overall regulatory turmoil faced by Binance US.

How has the regulatory situation affected Binance US’s trading volume?

Binance US has seen a substantial outflow of funds since June 3, with approximately $1.45 billion worth being withdrawn from the global exchange. However, despite these challenges, Binance US still recorded a trade volume of $255 million over the past 24 hours. The impact of the regulatory challenges on the trading volume suggests that while some users may have withdrawn their funds, there are still significant trading activities taking place on the platform.

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2 comments

CryptoEnthusiast24 June 8, 2023 - 12:06 am

Wow, BTC trading at a premium on Binance US! This is insane! SEC’s lawsuit causing chaos and asset freeze motion? That’s some regulatory trouble for Binance US. BTC and ETH pairs fetchin’ higher prices, but stablecoins are chillin’. Binance US needs to sort out their banking partnerships, though. Complications with card and wire services? That’s a headache. And their international exchange facing pricing issues too? Not lookin’ good. But hey, $255 million trade volume ain’t too shabby. What a rollercoaster ride for Binance US and Bitcoin trading!

Reply
CryptoGuru87 June 8, 2023 - 12:06 am

Whoa, Binance US bein’ all premium with Bitcoin! SEC lawsuit makin’ things messy, and asset freeze motion too? That’s trouble, my friend. BTC and ETH pairs ridin’ high, but stablecoins keepin’ it steady. Binance US needs to get their banking act together, though. Card and wire services got some complications? Ain’t nobody got time for that. And their international exchange strugglin’ with pricing in Australia? Yikes. But hey, $255 mil in trade volume, not too shabby. Binance US and Bitcoin tradin’ goin’ through the ringer, my folks!

Reply

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