According to sources on June 6, Bitcoin is trading at a premium of $2,000 on Binance US, the US Securities and Exchange Commission (SEC) claims exchange controlled by Changpeng Zhao and Binance Global.
according to screenshots BTC was widely traded on Twitter, at one point trading at $28,505, a price level about $2,000 higher than the global BTC average of around $26,500 at the time.
Trade bitcoin with a premium of 2,000 AUD on Binance US
From the price charts, Bitcoin remains volatile even in the spot prices. Less than 24 hours after falling to $25,900 on June 5, the coin reversed its losses on June 6.
Yesterday, BTC price rose, reaching levels as high as $27,000. This upward movement contrasted with the bearish forecast analysts had previously given for June 5th. In addition, this positive price movement has helped ease concerns that the SEC’s lawsuit against Binance will hurt the value of Bitcoin.
The drop in bitcoin and cryptocurrency prices on June 5 coincided with accusations from the US regulator. Supreme Education Council included 13 counts against Binance, including that with Binance US, the exchange allegedly enabled US citizens to illegally trade in a wide range of cryptocurrencies.
Further, the SEC pressed that Binance and Binance US are unregistered trading platforms that continue to make “numerous unregistered offerings and investment schemes” intended to “defraud stocks, individual and institutional investors about alleged monitoring and controls over trading.” juggler”.
In response to the lawsuit filed by the SEC, serial statements from Nansen Offers That investors kept withdrawing billions of dollars in crypto assets from Binance Global and Binance US.
The analytics platform notes that more than $3 billion in cross-chain assets have been withdrawn from Binance. Of this, more than $1.3 billion was from Ethereum.
The intervention fuels bitcoin demand
Meanwhile, Binance.US suspended its over-the-counter (OTC) trading platform and reduced the number of supported trading pairs.
the advertisement Binance US changes affect nearly 90 USDT, BTC and BUSD pairs. It is also unclear when Binance US will resume OTC trading services.
Furthermore, Binance US has shorted trading and convertible options on USDC, USDT, Bitcoin, Ethereum, and some crypto assets, including Cardano’s ADA.
However, while there are restrictions on the assets existing customers can convert into, Binance US has capped the maximum buying, selling and converting of options into USD at $10,000.
The suspension of the Binance US OTC platform and restrictions on the transfer and assets of US dollars could explain why Bitcoin is a highly sought-after asset and trades at a premium of $2k in the US for clients who used the US-based Binance platform.
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have previously stated that bitcoin is a commodity.
Featured image from Canva, chart from TradingView