Bitcoin is trading at a slight discount on Binance.US as banking partners cut ties

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Bitcoin (BTC) is trading at a slight discount on Binance.US following exchanges’ announcement of its banking partners’ decision to halt USD payment channels on June 13 amid ongoing regulatory issues. according to data from Kaiko.

Kaiko said BTC was trading at a premium on Binance.US between June 6 and June 8 when rumors surfaced that he was dealing with faster BTC withdrawals. However, premium trades quickly gave way to discount trades after the exchange announced it was switching to a crypto-only platform due to its regulatory issues.

Source: Kaiko

Data from CryptoCompare further corroborates Kaikos’ report. According to the data aggregator, the flagship digital asset was trading at $26,649 on Binance US at press time. That’s slightly lower than what it sells for on competing platforms like Bitfinex, Bitstamp, Coinbase, and Kraken, where it trades hands for over $26,670.

Bitcoin price on US exchanges (Source: CryptoCompare)

This slight discount also exists on other digital assets like Ethereum, Solana, and Cardano, according to data from CryptoCompare.

Binance’s Regulatory Struggles

Earlier today, Binance US announced that it would suspend USD deposits and recurring buy orders, urging customers to withdraw their dollars via wire transfer. Additionally, it will start removing USD trading pairs next week.

The decision comes amid recent regulatory issues facing the company and its parent company, Binance.

On June 5, the U.S. Securities and Exchange Commission (SEC) sued Binance, claiming it was acting as an unregistered exchange, trader, and broker. The regulator further claimed that the exchange offered cryptocurrency tokens such as BNB coin (BNB) and Binance USD stablecoin (BUSD) to Americans, a charge Binance disputes.

Since then, the regulator moved to freeze Binances’ US assets and summoned Changpeng CZ Zhao to appear in DC court. Additionally, U.S. lawmakers have urged the Department of Justice to investigate statements previously made by the exchange.

Despite these challenges, Binance.US has assured its users that their funds are safe and the exchange will continue to operate as normal.

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