• Bitcoin and Ethereum are trading at a discounted rate on Binance.US compared to other exchanges
• The discounts are only available for those users with USD holdings already sitting on the exchange, as Binance.US suspended USD deposits in June
• In late May, a massive price decline was observed on the Australian branch of Binance due to the termination of fiat on-and off-ramps by third-party payments provider
Discounts on Bitcoin and Ethereum
Bitcoin and Ethereum are trading at an enticing discount on Binance.US, but not all users will be able to leverage it. At nearly $27,500, Bitcoin is trading about $2,500 lower on Binance.US compared to global spot markets. Ethereum, on the other hand, was trading at $1,700 – a discount of $200, offering market participants a better price than other crypto exchanges.
Why This Discount?
The discounts could be attributed to the departure of market makers from the exchange. Crypto users took to Twitter to address the situation and termed it a “depeg” of cryptocurrencies, a term denoting a significant divergence from the global spot prices.
Who Can Access These Discounts?
However, Binance.US suspended USD deposits into the platform on June 9th which means that discounted cryptocurrencies can only be purchased via USD holdings already sitting in the exchange account.
Similar Anomalies Observed Elsewhere
Another instance of price anomaly was observed in late May when the Australian branch of the crypto giant witnessed a massive decline in Bitcoin’s price compared to global spot prices due to fiat withdrawal suspension by third-party payment provider.
It is important for users looking forward to taking advantage of these discounted rates that they have their funds already deposited in their accounts so as not miss out any such arbitrage opportunity!