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As of June 6, bitcoin is trading at a premium of $2,000 on Binance US, an exchange controlled by Changpeng Zhao and Binance Global, the United States Securities and Exchange Commission (SEC) claims.
According to screenshot Widely circulated on Twitter, BTC was, at one point, reportedly trading at $28,505, a price level that was almost $2,000 higher than the global BTC average of $26,500 at the time.
Bitcoin trading at a premium of $2,000 on Binance US
From the price chart, bitcoin remains volatile even at spot rates. The coin reversed course on June 6, less than 24 hours after falling to a low of $25,900 on June 5.
Yesterday, the price of BTC increased, reaching the level of $27,000. This upward movement contradicted the recession forecasts that analysts had made earlier for June 5. Additionally, this positive price movement helped ease concerns that the SEC’s lawsuit against Binance would harm BTC’s value.
The drop in bitcoin and crypto prices on June 5 coincides with the charges from the US regulator. seconds enlisted 13 charges against Binance, including that in association with Binance US, the exchange allegedly enabled US citizens to illegally trade a wide range of cryptocurrencies.
In addition, the SEC pressed that Binance and Binance US were unregistered trading platforms that continued to offer “multiple unregistered offers and investment schemes” intended to “allegedly monitor and control fraudulent trading of equity, retail and institutional investors”. Cheating about”.
On-chain data from Nansen, in response to SEC lawsuit shows Investors continue to pull billions worth of crypto assets out of Binance Global and Binance US.
The analytics platform has observed that over $3 billion in assets have been withdrawn from Binance across multiple chains. Of this, over $1.3 billion was from Ethereum.
Bitcoin demand boosting intervention
Meanwhile, Binance.US has suspended its over-the-counter (OTC) trading platform and reduced the number of supported trading pairs.
Announcement The changes on Binance US affect approximately 90 pairs of USDT, BTC and BUSD pairs. It is also unclear when Binance US will resume its OTC trading services.
In addition, Binance US has traded short and convert options in some of the top crypto assets including USDC, USDT, Bitcoin, Ethereum, and Cardano’s ADA.
Although there is a limit on which existing clients can convert assets, Binance US has capped the maximum buy, sell, and convert options into USD at $10,000.
The suspension of the Binance US OTC platform and the cap on USD conversions and assets may indicate that bitcoin is a highly sought-after asset and is trading at a $2k premium for customers using Binance US in the United States.
The SEC and the Commodity Futures Trading Commission (CFTC) have previously stated that bitcoin is a commodity.
Feature image from Canva, chart from TradingView
