Bitcoin trading on Binance US hovers around $28,400, $700 higher than other platforms
Bitcoin prices on the Binance.US exchange have been observed to be consistently higher than the market average, causing speculation in the crypto community about the reasons behind the unusual difference. According to TradingView, the price of Bitcoin on the Binance.US platform, which is Binance’s US-based exchange, has been trading $650-700 higher than other platforms, trading at $28,425 at the time of writing.
In addition, some users have also pointed out that the price of USDT, a stablecoin, on Binance.US is currently around 3% higher than other stablecoins.
Usd getting hammered on binance US.
This explains the discrepancy between BTCUSD and BTCUSDT.
Someone getting carried out over there pic.twitter.com/DUD9LszY9O
— Waro (@warobusiness) May 8, 2023
Data from CryptoWatch also showed that the exchange is currently dominated by buy orders, leading to an imbalance in the order book. This has led to speculation that Binance.US may be facing issues with its fiat withdrawal gateways or may be preparing to face legal action from US authorities.
It is possible that some market makers have already foreseen this scenario and are leaving Binance.US, which has caused a decrease in fiat liquidity on the exchange and prevented traders from taking advantage of the price difference to bring BTC back into balance.
Like many other crypto companies in the US, Binance.US has faced numerous difficulties in recent times due to SEC scrutiny during the acquisition of the bankrupt Voyager platform. Binance.US is also said to be struggling to find new banking partners to handle user deposits and withdrawals following the collapse of several “crypto-friendly” banks such as Signature and Silvergate.
Meanwhile, Binance’s parent company is under investigation by the US Department of Justice for money laundering and violating sanctions with Russia. The company is also facing a lawsuit from the Commodity Futures Trading Commission (CFTC) for violating a range of trading regulations.
In response to the mounting legal pressure in the US, Binance’s Chief Strategy Officer, Patrick Hillmann, announced in February that the company was willing to pay fines to resolve issues with US regulators.
The situation at Binance.US is concerning for many in the crypto community, and it remains to be seen whether the exchange will be able to resolve its issues and regain the trust of its users.
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