Home | Crypto News | In the Midst of an SEC Lawsuit and a Motion to Freeze Assets, Bitcoin is Trading at a Premium on Binance US

In the Midst of an SEC Lawsuit and a Motion to Freeze Assets, Bitcoin is Trading at a Premium on Binance US

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Bitcoin

As of June 7, 2023, new evidence shows that bitcoin (BTC) is worth more on the Binance US exchange than before. Stats show that the BTC/USD pair is worth almost $400 higher on the American crypto trading site than a year ago.

Binance US Sees Bitcoin Rise Amid Regulatory Chaos

Due to the recent lawsuit against Binance by the U.S. Securities and Exchange Commission (SEC) and the move to freeze Binance US’s assets, BTC is being traded at a higher price on the U.S. platform. On June 7 at 7:30 a.m. Eastern Time, a single Bitcoin on Binance US is worth $397.29 more than the average Bitcoin price worldwide.

This premium only affects the BTC/USD pair on Binance US. Prices for bitcoin pairs tied to stablecoins like USDT and USDC are the same as usual. Tracking shows that the ETH/USD pair also has a premium of about $25 above the average price of Ethereum. This happened after Binance US told its clients in March that “certain USD deposit services will be temporarily unavailable.”

Also, early April reports said that Binance US was having trouble finding a banking partner in the United States. Right now, Binance US’s status page says that debit card and wire services aren’t working as well as they should, but ACH transfers are still possible. Also, when AUD withdrawals were stopped, there were price differences in Binance’s foreign exchange in Australia.

In the last 24 hours, $255 million worth of trades were made on Binance US. This news comes after a lot of money has left Binance since June 3. Bitcoin.com News said that $1.45 billion was taken out of the global exchange. Also, Binance US’s status page says that “over-the-counter (OTC) services and select convert trading pairs are temporarily unavailable.

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