Bitcoin on $3K Discount at Binance.US – But There’s a Catch!
• Bitcoin is selling for nearly $3,000 less on Binance.US than global spot prices.
• Other cryptocurrencies are also trading at a discount in U.S. dollar terms.
• The discounted cryptocurrencies can only be bought with any USD already sitting on the account before suspension of deposits and withdrawals.
Bitcoin Trading for Discount on Binance US
Bitcoin is selling for just over $27,500 on Binance.US, a nearly $3,000 discount from global spot prices. This provides a significantly better rate than global spot prices to crypto users — but there’s just one catch: users have not been able to deposit new USD into the platform since June 9 due to suspensions which makes the discounted cryptocurrencies only able to be bought with any USD already sitting on the account before suspension of deposits and withdrawals.
Price Discrepancy Between Global Prices and Binance US
A swathe of crypto users began noticing a widening price discrepancy between cryptocurrencies listed on the United States crypto exchange and their global spot prices, dubbed as “depeg” of cryptocurrencies by some traders. BTC/USD charts on Binance US shows that Bitcoin is currently trading at $27,536 against the U.S dollar which is around an 8.5% discount from global spot USD prices of $30,106 at the time of writing while Ethereum prices are around $200 cheaper on Binance US, trading for $1,695 at the time of writing and Tether was also trading below its peg with Tether at $0.915 on the exchange when noticed by traders .
Reason Behind This Price Difference
The issue lies in that Binance US has suspended both deposits and withdrawals in USD since June 9th ; therefore making it impossible for investors to take advantage of this arbitrage opportunity as they cannot deposit or withdraw any funds from it in fiat currency leaving them limited to using any existing balance they had prior to this suspension date . To add more fuel to fire , an email sent out by binance us states that July 20th will be last day for withdrawal in fiat meaning users might soon face exit scam like situation if they do not move their funds out soon .
Similarities From Past Experiences
This isn’t first time such situation arises , something similar happened back in May when Australian branch of binance experienced a similar scenario where customers were unable to withdraw funds leading them towards making trades far below market value thus forcing them into losses so as not get stuck inside binance australia .
Conclusion
It seems like customers must act fast if they wish not fall victim to loss making trades due unavailability of withdrawal option , while arbitragers have almost no way out unless someone finds solution regarding how one can transfer funds without going through normal banking channels .