Limited Time Offer: Bitcoin at a $3K Discount on Binance.US—Discover the Catch

Bitcoin Discount on Binance.US – A Closer Look

Bitcoin, also known as BTC, is currently experiencing a price decrease on Binance.US. The cryptocurrency is being sold for just over $27,500, which is a discount of nearly $3,000 compared to global spot prices.

The Price Discrepancy

On July 9, many crypto users noticed a widening price gap between cryptocurrencies listed on Binance.US and their global spot prices. This phenomenon has been referred to as a “depeg” of cryptocurrencies.

At the time of writing, Bitcoin is trading at $27,536 on Binance.US, representing an approximately 8.5% discount from the global spot USD price of $30,106.

Not only Bitcoin but other cryptocurrencies are also trading at a discount when compared to the U.S. dollar. Ethereum, for example, is around $200 cheaper on Binance.US, currently trading at $1,695. Some stablecoins, such as Tether (USDT), are also trading below their pegs, with Tether priced at $0.915 on the exchange.

Limited Accessibility

While the discounted prices may seem appealing to arbitrageurs, most investors will not be able to take advantage of them due to a key restriction.

The discount is only applicable when trading a cryptocurrency against fiat USD on the Binance.US platform. However, since June 9, Binance.US users have been unable to deposit new USD into their accounts, as the feature has been suspended. Therefore, the discounted cryptocurrencies can only be purchased using existing USD balances on the platform.

Moreover, concerns have arisen that Binance.US might soon halt USD withdrawals. As a result, some users are choosing to trade their cryptocurrencies below market value in order to exit their positions in USD. According to a circulated email from Binance.US to customers, the last day for USD withdrawals will be July 20.

A Similar Incident

A similar situation occurred in late May at the Australian branch of Binance, involving the Australian dollar. The company’s third-party payments provider ceased fiat on- and off-ramps, causing the price of BTC on Binance to drop 20% compared to global spot prices when traded against the Australian dollar.