The world’s leading cryptocurrency Bitcoin is currently trading at a significant discount on the United States-based crypto exchange Binance.US. Prices, which are almost $3,000 less than global spot prices, have attracted the attention of many users. However, there is a problem that limits the accessibility of these discounted prices. Here are the details…
Bitcoin on Binance.US, $27,500!
At the time of this writing, the BTC/USD trading pair on Binance.US is showing a price of $27,536, which represents a roughly 8.5 percent discount from the global spot price of $30,106. Also, other cryptocurrencies like Ethereum are traded at a discount on Binance.US. Ethereum is trading at $1,695 on the exchange. That makes it $200 cheaper than global spot prices. In particular, stablecoins such as USDT are also trading below their fixed prices. Tether is listed on Binance.US at $0.915.
Despite the attractiveness of these discounts for arbitrage investors, most investors will find it difficult to take advantage of them due to certain limitations. Discounted prices are only available when trading cryptocurrencies for fiat USD on the Binance.US platform. The problem is that Binance.US suspended the ability to deposit new USD into user accounts on June 9th. This means that only existing USD funds held in accounts prior to suspension can be used to purchase discounted cryptocurrencies.
USD withdrawals suspended
More importantly, concerns have emerged about the potential suspension of USD withdrawals from Binance.US. These concerns have led some users to buy and sell cryptocurrencies below market value in order to exit their positions in USD. According to an email sent to clients from Binance.US, the deadline for USD withdrawals will be July 20, further adding to the uncertainty among traders.
This is similar to an incident that occurred at the Australian branch of Binance in late May. As we reported on Kriptokoin.com, the company’s third-party payment provider has suspended fiat on-off ramps, causing the Bitcoin price in Binance Australia to drop by 20 percent compared to global spot prices when traded against the Australian dollar.
While the discounts on Binance.US continue to attract attention, the limited availability of discounted cryptocurrencies due to the suspension of deposits and the upcoming USD withdrawal halt are posing significant barriers for investors. While some may take advantage of these discounted rates, the majority will not. As the July 20 deadline for USD withdrawals approaches, users are forced to consider the implications and potential implications in the ever-evolving cryptocurrency trading landscape.
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