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At Binance.US, the United States subsidiary of a globally recognized cryptocurrency exchange, that dream has become a reality. However, the situation is more complicated than it initially seems. A slew of crypto enthusiasts recently spotted an unusual sight on July 9. Cryptocurrencies, including Bitcoin, were listed at prices considerably lower than their worldwide counterparts. Binance.US quoted Bitcoin at a rate of $27,535, giving it a tempting 8.5% discount compared to its global price tag of $30,100.
The trend was not exclusive to Bitcoin. Other crypto assets such as Ethereum and Tether (USDT), a stablecoin, were also spotted trading below their standard rates, providing a potential bargain for astute traders. Ethereum's price tag was down by $200, while Tether took a dip, trading at a lowly $0.911.
This discounted trade, however, doesn't extend its hands to everyone. The appealing lower prices only come into play when a cryptocurrency is purchased against USD on the platform. But since June 9, Binance.US users have been barred from infusing fresh USD into their accounts, limiting these enticing discounts to only those who had USD before the ban.
Adding another layer to the complication, there are now fears that Binance.US may cease USD withdrawals. This apprehension has driven some users to sell their crypto holdings below market rates to secure their positions in USD.
A circulating email from Binance.US to its clientele indicated that the last day for USD withdrawals is set for July 20. In a case of deja vu, a similar predicament occurred in late May with the Australian arm of Binance. The company's third-party payment provider halted fiat transactions, leading to a 20% price drop in Bitcoin when traded against the Australian dollar.
While a glance at Binance.US shows a tantalizing opportunity to buy Bitcoin and other cryptocurrencies at a steep discount, the underlying terms and conditions make it an inaccessible deal for most.
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