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Bitcoin (BTC<\/a>) and other digital assets, including Tether (usdt<\/a>), are currently trading at an 8% discounts<\/a> on Binance.US, a situation attributed to liquidity issues on the platform following a lawsuit filed by the US Securities and Exchange Commission (SEC).<\/p>\n data<\/a> from Binance.US shows that BTC is trading at $27,705.59 at the time of writing, around $3000 less than it sells on rival platforms like Coinbase, Kraken, BitStamp, and others.<\/p>\n Meanwhile, this discount is also pronounced on other digital assets like Ethereum (ETH<\/a>), USDT, Solana (SOL<\/a>), and others, according to Coingecko date<\/a>,<\/p>\n Since the US Securities and Exchange Commission (SEC) filed a litigation<\/a> Against Binance.US on June 5, the exchange’s market depth has fallen by almost 80% as market makers exited the platform.<\/p>\n Following the legal troubles, the exchange discontinued US dollar deposits after its banking partners abruptly halted<\/a> their payment channels and transitioned to a crypto-only platform. Blockchain analytical firm Kaiko reported that this issue greatly affected Binance.US’ reputation, and its market share fell to less than 1%.<\/p>\n Since then, the exchange has experienced high volatility<\/a> with its USD pairs, with BTC spiking<\/a> to as high as $138,000 on June 21. Before that, Bitcoin had trading<\/a> at a 3% discount in May.<\/p>\n Meanwhile, assets paired with stablecoins like USDT and USDC are trading at regular prices, according to date<\/a> From Coingecko.<\/p>\n Tether CTO Paolo Ardoino addressed<\/a> concerns that USDT had deviated from its dollar peg. He highlighted that the deviation is exclusive to Binance.US, where a general -8% spread appears to affect all cryptocurrencies on the platform.<\/p>\n According to Ardoino, the situation was caused by the legal challenges Binance.US was currently facing. He wrote:<\/p>\n \u201cBinance.US is going through some legal challenges so it probably doesn’t have many market makers willing to arbitrage at this moment in time. On Binance.com USDt is trading 1bps above the dollar.\u201d<\/p>\n<\/blockquote>\n The Tether CTO further added:<\/p>\n ,Tether is in charge of its primary market (<\/span>http:\/\/<\/span>tether.to<\/a>, Market making secondary markets (crypto exchanges) is the role of arbitrageurs and market making professionals.\u201d<\/span><\/p>\n<\/blockquote>\n The post Tether addresses depeg fears as Binance.US faces 8% Bitcoin discount<\/a> appeared first on CryptoSlate<\/a>,<\/p>\nBinance US troubles<\/h2>\n
Tether CTO addresses USDT trading on Binance.US<\/h2>\n
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