A discount has formed on Binance.US in bitcoin quotes

binance_us-min
binance_us-min

On July 10, digital gold against USDT is trading on Binance.US at a ~$2200 (~7.3%) discount to its value against USDT, according to CoinGecko.

image-428
Data: CoinGecko.

Divergence between quotes arose the day before.

A similar situation between pairs with USDT and the US dollar is typical for other cryptocurrencies. In particular, on Ethereum “depeg” reached ~$130 (~7%). Tether was no exception, trading at a “discount” of 7.3%.

On June 9, Binance.US users lost their ability to deposit dollars, prompting sales from those who would like to withdraw their funds in fiat.

According to Cointelegraph, citing a letter from the platform to customers, this option will close on July 20.

Due to the aforementioned limitations, arbitrageurs cannot benefit from price differentials.

The publication recalled that in May a similar situation developed with the clients of the Australian division against the backdrop of pressure from local regulators on the platform.

The exchange later announced that it was ending its partnership with Paysafe, which, in the absence of alternatives, would result in the inability to deposit and withdraw funds in euros from September.

June 5 SEC sued Binance and its CEO Changpeng Zhao. The agency filed 13 charges, including the sale of unregistered securities.

On June 6, the Commission filed a petition to freeze digital assets of Binance.US.

On June 14, the court ordered the regulator and the American crypto exchange to find a compromise to ensure the protection of client assets with the possibility of continuing the operation of the platform.

On June 17, the parties entered into an agreement on client funds in the United States. The court approved it.

As part of the arrangements, Binance.US will share details of its business expenses. Employees of international Binance will lose access to the private keys of wallets and other tools of the US division.

As a reminder, on June 23, Binance.US announced the resolution of issues related to the withdrawal of funds in US dollars. The company warned that the situation could change in the “near future.”

Found a mistake in the text? Select it and press CTRL+ENTER

ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!

.

Leave a Reply