Bitcoin trades at a discount on Binance.US

On July 10, Bitcoin, paired with the U.S. dollar on Binance.US is trading at about $2,200 (~7.3%) discount to its value against USDT, according to CoinGecko.

The divergence between quotes arose a day earlier.

A similar situation between pairs with USDT and the U.S. dollar is characteristic of other cryptocurrencies. In particular, for Ethereum the ‘depeg’ reached about $130 (~7%). No exception was the Tether, which trades at a 7.3% discount.

On June 9, Binance.US lost the ability to deposit dollars, which triggered selling by those who wanted to withdraw their funds in fiat.

According to Cointelegraph, citing a letter from the platform to clients, this option will close on July 20.

Due to the aforementioned restrictions, arbitrageurs cannot profit from the price difference.

The publication reminded that in May a similar situation arose with clients of the Australian unit amidpressure from local regulators on the platform.

Later the exchange announced the termination of cooperation with Paysafe, which in the absence of alternatives will lead to the impossibility of depositing and withdrawing funds in euros from September.

On June 5, SEC filed a lawsuit against Binance and its CEO Changpeng Zhao. The agency brought 13 charges, including the sale of unregistered securities.

On June 6, the Commission filed a motion to freeze Binance.US’s digital assets.

On June 14, the court ordered the regulator and the U.S. crypto exchange to reach a compromise to ensure protection of client assets while allowing the platform to continue operating.

On June 17, the parties reached a settlement over client funds in the U.S. It was approved by the court.

Under the terms of the agreements, Binance.US will share detailed information about its operating expenses. Employees of the international Binance will lose access to private keys of wallets and other tools of the U.S. unit.

In late June, Binance.US announced a resolution to issues related to USD withdrawals. The company warned that the situation could change in the near future.