Bitcoin (BTC) was priced at a slight discount on Binance.US early Friday after the exchange said it would become a crypto-only platform starting June 13, said Clara Medalie, a director at Paris-based crypto data provider Kaiko. At 08:25 UTC, the bitcoin-U.S. dollar pair on Binance.US traded at least $130 below prices on Coinbase and other major exchanges, according to data tracked by the charting platform TradingView.
Binance.US announced late Thursday that it would no longer accept dollar deposits and warned that its banking partners are preparing to pause fiat withdrawal channels as of June 13. The exchange urged clients to reclaim their dollars using bank transfers before then, and said it would begin delisting the dollar-denominated pairs starting next week. This decision follows the U.S. Securities and Exchange Commission (SEC) asking a federal court to freeze Binance.US’ assets, while suing its global entity Binance and rival exchange Coinbase for violating the federal securities law.
The SEC’s action caused market makers to remove liquidity from Binance.US’ order books, resulting in a worsening of the market depth and bitcoin trading at a premium of more than $1,000 on the exchange at one point. However, as of Friday morning, BTC was trading at a slight discount on Binance.US.