Binance.US Offers Discounted Bitcoin Prices, But Catch Limits Investor Opportunities
Bitcoin is currently trading at a discount of around 8.5% on Binance.US compared to global spot prices. Other cryptocurrencies like Ethereum and stablecoins like USDT are also trading at a discount on the exchange. However, the discount only applies when trading against fiat USD, and Binance.US users have not been able to deposit new USD since June 9.
Bitcoin Trades at Nearly $1K Discount on Binance.US Crypto Exchange, Kaiko Observes
June 26 (Cointime) - Bitcoin is currently trading at a discount of almost $1,000 on the Binance.US crypto exchange, according to research firm Kaiko. This disparity has been observed since June 22 and continues to persist.
SEC Struggles to Justify Financial Freeze Order Against Binance.US in Pretrial Proceedings
June 23 (Cointime) - The Securities and Exchange Commission (SEC) faced challenges in justifying their request for a financial freeze order against Binance.US during pretrial proceedings on July 15.
Binance.US Bitcoin Order Books Struggle with Poor Liquidity Amid Regulatory Rumbles
June 21 (Cointime) - Binance.US, the US arm of the global crypto exchange, is facing criticism from regulators and has been struggling to maintain some of its largest bitcoin order books. On Tuesday evening, the platform displayed the price of bitcoin at over $138,000 for its tether market, almost 400% higher than spot prices elsewhere.
Bitcoin Surges to $138,000 on Binance.US in Temporary Price Spike
June 21 (Cointime) - According to exchange data, Bitcoin experienced a sudden surge to $138,000 on Binance.US before quickly returning to normal levels. This surge was likely due to low liquidity for Bitcoin against Tether on the exchange, as market depth data shows a smaller buy can have a larger impact on prices. Binance.US's market depth has decreased by 76% compared to May, indicating a decrease in market makers and traders on the exchange. The surge was not caused by a trader willing to pay a 450% premium for Bitcoin, as it currently trades for just over $29,000 in European morning hours.
US Crypto Exchange Market Sees Shakeup as Binance.US Share Drops to 1%
June 21 (Cointime) - The US crypto exchange market is experiencing significant changes as Binance.US's market share has plummeted to just 1%. Meanwhile, Coinbase's market share has also declined, dropping to 50% since the start of 2023. Other exchanges, such as LMAX, Bitstamp, and Kraken, have made notable gains in the market.
Binance.US's Market Share Continues to Decline Following SEC Lawsuit Against Binance and Binance.US
June 18 (Cointime) - Binance.US's market share for exchanges supporting USD pairs has significantly decreased since the US Securities Exchange Commission filed a lawsuit against the company and Binance. The Block's Data Dashboard shows that Binance.US's market share has dropped to 4.35% as of June 18, compared to over 16% in April 2023. Meanwhile, Binance's market share has slightly increased. The SEC's lawsuit has resulted in Binance.US suspending USD deposits, delisting trading pairs, and experiencing a decline in volumes, market depth, and an increase in slippage.
Binance US Market Share Drops to 1%: Withdrawal Problems Continue
June 17 (Cointime) - Customers of Binance.US have expressed frustration over delays in ACH withdrawals from the exchange, as its market share drops to 1%.
Binance and US SEC reach proposed agreement, pending federal judge approval
June 17 (Cointime) - Binance, the world's largest cryptocurrency exchange, and its subsidiary Binance.US have proposed an agreement with the US Securities and Exchange Commission (SEC), subject to approval from a federal judge. Under the proposed agreement, only Binance.US employees will be able to access customer funds on the US-based exchange, while Binance Global officials will be restricted from accessing private keys of all wallets, including cold and hot wallets, and Binance.US's internal systems and controls. The move comes after the judge asked the SEC and Binance.US to reach an agreement rather than approve a restraining order to freeze assets of Binance's US-based arm.
Binance.US Carries Out Major Layoffs Following SEC Lawsuit; Coinbase Loses Market Share to Robinhood
Binance.US has reportedly laid off at least 50 employees from its legal, compliance, and risks departments following the SEC's lawsuit accusing the crypto exchange of violating federal securities laws. The sources requested anonymity as the matter is private. Binance has pledged to defend itself "vigorously" against the lawsuit. Meanwhile, retail crypto traders are reportedly shifting from Coinbase to Robinhood, with analyst Dan Dolev suggesting that Coinbase may be losing market share in retail crypto transaction volume to Robinhood.
