Get a $3K Discount on Bitcoin at Binance.US – Here’s the Catch!

Cryptocurrencies Trading at Discount on Binance.US

Cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), USDT, and Shiba Inu (SHIB) are all trading at a discount on crypto exchange Binance.US. At the time of writing, Bitcoin is trading for $27,536 on the exchange against the U.S. dollar, which is around an 8.5% discount from global spot USD prices of $30,106. Ethereum is trading for $1,695, a $200 discount from global spot prices.

The price discrepancy between cryptocurrencies listed on the United States crypto exchange and their global spot prices is being referred to as a “depeg” of cryptocurrencies. The price difference provides users with a significantly better rate than global spot prices, however there is one catch.

Kraken, Helium, Kava, and Crypto.com are all platforms that offer crypto trading services, while Cosmos and ICP are two of the many altcoins available. Lunc is another crypto platform that offers a variety of services.

Crypto Discounts for Arbitragers

However, while the crypto discounts look enticing for an arbitrager, the reality is that most investors will not be able to take advantage of them. This is because the discount only applies when a cryptocurrency is traded against fiat USD on the crypto exchange, such as Shiba Inu, Cronos Crypto, ICP Crypto, Cosmos Crypto, Crypto.com, Kraken Crypto, Helium Crypto, Kava Crypto, and LUNC Crypto.

The problem is, Binance.US users have not been able to deposit new USD into the platform since June 9, when it was suspended. Effectively, this means that the discounted cryptocurrencies can only be bought with any USD already sitting on the account before the suspensions took place.

Concerns that Binance.US will soon halt USD withdrawals have also led to some users trading their cryptocurrencies below market value in order to exit their positions in USD.

Crypto Live, Shiba Inu, and More

According to an email from Binance.US to customers that has been circulating on Twitter, USD withdrawals will be available until July 20.

In late May, a similar situation occurred in Australia, where Binance’s third-party payments provider shut down fiat on and off ramps. As a result, the price of BTC on Binance dropped 20% compared to global spot prices when traded against the Australian dollar.

Crypto live, Shiba Inu, Cronos Crypto, ICP Crypto, Cosmos Crypto, Crypto.com Today, Kraken Crypto, Helium Crypto, Kava Crypto, and LUNC Crypto are just a few of the cryptocurrencies available on the market today.