Share this article
Bitcoin Trades at Narrow Discount on Binance.US
News of a possible halt in U.S. dollar withdrawals sparked an increase in bitcoin trading as customers looked to remove their assets from the exchange, one observer said.
Updated Jun 9, 2023, 3:50 p.m. Published Jun 9, 2023, 12:00 p.m.
Bitcoin 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.
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"BTC now trades at a slight discount on Binance.US," said Clara Medalie, a director at Paris-based crypto data provider Kaiko. "News of a possible halt in USD withdrawals has caused an uptick in BTC selling as traders quickly try to get their assets off the exchange,"
Binance.US tweeted 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.
The decision comes days after the U.S. Securities Exchange and Commission (SEC) asked 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 saw market makers remove liquidity from Binance.US' order books. The resulting worsening of the market depth saw bitcoin trade at a premium of more than $1,000 on the exchange at one point.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
