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As of June 7, 2023, the latest data indicates that the value of bitcoin (BTC) is exhibiting a premium on the Binance US exchange. The statistics reveal that when using the BTC/USD pair on the American cryptocurrency trading platform, BTC trades at approximately $400 higher than the market average.
Binance US Witnesses Bitcoin Premium Amidst Regulatory Turmoil
Due to the recent lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance and the subsequent asset freeze motion targeting Binance US, the trading of BTC on the U.S. platform is currently experiencing a premium. As of June 7, at 7:30 a.m. Eastern Time, the value of a single bitcoin on Binance US is approximately $397.29 higher than the global average.
On Wednesday, June 7, 2023, BTC and ETH trading pairs with the U.S. dollar are trading at a premium on Binance US.
The premium affects the BTC/USD pair on Binance US, while bitcoin pairs tied to stablecoins like USDT and USDC show regular prices. Furthermore, it has been observed that the ETH/USD pair is also trading at a premium, with Ethereum priced around $25 higher than the usual market value. This development occurred after Binance US advised its clients in March about the temporary unavailability of certain USD deposit services.
Furthermore, reports released in early April indicated that Binance US faced challenges in establishing a banking partner within the United States. Binance US’s status page acknowledges that ACH transfers are available, but complications arise regarding the debit card and wire services. Additionally, Binance’s international exchange encountered pricing inconsistencies in Australia due to the temporary suspension of AUD withdrawals.
In the past 24 hours, Binance US recorded a trade volume of $255 million. This information follows a significant outflow from the global exchange since June 3, with withdrawals totalling $1.45 billion, as reported by Bitcoin.com News. Binance US’s status page confirms that “over-the-counter (OTC) services and select convert trading pairs are temporarily unavailable.”
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