Bitcoin (BTC) is currently experiencing a slight discount on Binance.US following an announcement by the exchange’s banking partners to halt USD payment channels on June 13. This development is occurring amidst ongoing regulatory issues, as reported by Kaiko data.
According to Kaiko, BTC had been trading at a premium on Binance.US between June 6 and June 8 due to rumors suggesting faster BTC withdrawals. However, the premium trades were short-lived as the exchange revealed its plans to transition to a crypto-only platform, citing regulatory challenges. Consequently, the premium trades were replaced by discount trades. As of press time, the flagship digital asset was trading at $26,649 on Binance.US, slightly lower compared to other rival platforms like Bitfinex, Bitstamp, Coinbase, and Kraken, where it is being exchanged for over $26,670.
Binance’s regulatory struggles have contributed to the current situation. Earlier today, Binance.US announced the suspension of USD deposits and recurring buy orders, advising clients to withdraw their dollars through bank transfers. Additionally, the exchange plans to delist USD trading pairs starting next week. These decisions are a response to the recent regulatory challenges faced by both Binance and its parent company.
On June 5, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, alleging that it operated as an unregistered exchange, dealer, and broker. The SEC also claimed that Binance provided Americans with crypto securities tokens such as BNB coin (BNB) and the Binance USD (BUSD) stablecoin—a charge that Binance disputes.
In response, the regulator has frozen Binance’s U.S. assets and summoned Changpeng “CZ” Zhao to appear in a court in Washington, D.C. Additionally, U.S. lawmakers have urged the Department of Justice to investigate previous statements made by the exchange.
Despite these challenges, Binance.US has reassured its users that their funds are secure, and the exchange will continue operating normally.