Bitcoin is Trading at 8% Discount on Binance.US and Here’s the Catch

According to the latest news, Bitcoin can be purchased for slightly more than $27,500 on Binance.US, representing an 8.5% discount over worldwide spot USD values of $30,106. 

Huge Discount on the Price of Bitcoin

On top of that, several cryptocurrencies aside from Bitcoin are also available at lower prices on Binance.US. The exchange has Ethereum pricing that is roughly $200 lower. Tether and other stablecoins also happened to be making trades below their pegs. Tether trading at $0.915 on the trading platform.

There is a Huge Catch for Traders

However, consumers are going to be able to utilize the benefits of the lowered price accessible on the firm’s website only if they trade a cryptocurrency for fiat USD on the crypto exchange.

The constraints are added probably due to the fact that Binance.US users have not deposited additional USD into the trading site since its operation was halted on June 9. 

Customers Selling their Bitcoin at Losses

Furthermore, rumors that Binance.US may soon suspend USD withdrawals have prompted some customers to sell their cryptocurrencies at a loss as a way to liquidate their USD positions. 

As a consequence, the discounted cryptocurrencies including Bitcoin can only be purchased using any USD that was already in the account prior to the suspensions. 

Withdrawals Closing on July 20

According to an announcement by Binance.US, the last day for USD withdrawals will be July 20. On July 9, crypto enthusiasts noticed a growing price variation between cryptocurrencies listed on the US crypto exchange and the firm’s global spot prices. 

Following the discovery of a $3,000 discount on Bitcoin and other cryptocurrencies relative to global spot pricing, many began to refer to it as a “depeg” of crypto currencies. Back in May, Binance, the world’s largest crypto trading platform, revealed that cryptocurrency limitations made doing business in the United States tough. As a result, it is now looking for regulation in the United Kingdom.