2023-07-10 14:01:46
On the ninth of July, crypto users began to notice that there was a significant difference in the exchange rates of cryptocurrencies listed on the Binance.US platform compared to global spot prices. For example, there was a time when a bitcoin was sold for less than $3,000 compared to global spot USD prices. So, when the price of a BTC was around $30,000, Binance.US gave just over $27,000 for a bitcoin. Binance.US gives cryptos at a significant discount, but there is a twist But there is this difference not only for the largest cryptocurrency, but also for other cryptos. For example, ether is sold for $200 less on the Binance.US platform compared to global spot prices, but the stablecoin of USDT, for example, was traded well below global prices in several pairs. And while many immediately saw arbitrage opportunities in the situation, in reality, for most investors, this is an untapped opportunity. Because this “price discount” is only valid if the cryptocurrency is bought from fiat USD on the crypto exchange. However, since June 9th, it is not possible to make new US dollar deposits on Binance.US. This means that the discounted cryptocurrency can only be purchased for previously paid US dollars. The last time you can initiate a payment in US dollars on the site is July 20. And since it will, many users have been willing to get rid of their cryptocurrencies below the market price in order to close their positions in USD. Incidentally, a similar thing happened in May, when the third-party service provider stopped fiat money deposits and withdrawals on Binance’s Australian platform. Then the price of BTC on Binance fell 20% once morest the Australian dollar.
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