- Bitcoin is going for a massive discount on Binance.US as users become increasingly concerned about the future of the platform.
- Investors can quickly profit by buying Bitcoin and Ethereum on Binance.US and selling on other exchanges.
Over the last few hours, U.S. investors have reported that Bitcoin and Ethereum are selling at a massive discount on Binance.US. Bitcoin is trading at a $3,000 discount on the U.S based exchange compared to global prices. Ethereum, on the other hand, is trading at a $200 discount.
Several crypto users have been sharing their trading tactics to make some quick profit. Commonly referred to as arbitrage trading- investors are buying on Binance.US, withdrawing their stash, and selling on other global platforms that offer a bigger price tag. However, there is a catch, and most investors won’t be able to profit from the ongoing situation.
WOAH. Bitcoin is trading at $26,970 on binance US vs it’s $30,300 (real price)
Ethereum is $200 lower than normal
USDT is at 0.889 cents 🤯 pic.twitter.com/LgKeMEDZQv
— borovik.eth (@3orovik) July 9, 2023
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Since June 9th, USD deposits have been suspended and Binance.US users have not been able to deposit and buy cryptocurrencies. This means that only users who already had USD on the platform can buy the discounted Bitcoin and Ethereum. This effectively means a majority of users will not enjoy the unique opportunity to make a quick profit.
On top of suspended USD deposits, users are further concerned about an upcoming USD withdrawal suspension. According to some reports, the last day for USD withdrawals is July 20th.
The discount on Bitcoin prices is suspected to be a result of novice traders who are unable to withdraw cryptocurrencies and prefer to sell and withdraw USD.
This event come a few weeks after the U.S. Securities and Exchange Commission (SEC) charged Binance.US, its parent company Binance Holdings Ltd and co-founder Changpeng Zhao for violating federal securities laws. Despite the exchange denying the allegations and confirming its plans to fend off the SEC, the case has since cast a shadow on the future of the platform.
Surprisingly, Bitcoin has continued to demonstrate great resilience. At the time of press, Bitcoin is exchanging for $30,100 after a less than 1 percent drop in the last 24 hours. However, trading volume has increased by 15 percent, signaling an imminent price reaction.
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As CNF reported in June, a similar situation was witnessed in Australia. After Binance Australia was cut off from the banking system, over 1 million customers were affected leading to discount prices on the platform. Traded against the Australian dollar, Bitcoin was trading at a 20 percent discount.
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