Bitcoin (BTC) is promoting for an almost $3,000 low cost on Binance.US, offering a considerably higher fee than world spot costs — however there’s only one catch. 

On July 9, a swathe of crypto customers started noticing a widening worth discrepancy between cryptocurrencies listed on the US crypto change and their world spot costs, with many calling it a “depeg” of cryptocurrencies.

BTC/USD charts on Binance.US exhibits a present worth of $27,536. Supply: Binance.US

Bitcoin is at present buying and selling at $27,536 on the change in opposition to the U.S. greenback, which is round an 8.5% low cost from world spot USD costs of $30,106 on the time of writing.

Different cryptocurrencies are additionally buying and selling at a reduction in U.S. greenback phrases. Ethereum costs are round $200 cheaper on Binance.US, buying and selling for $1,695 on the time of writing. Some stablecoins akin to USDT had been additionally buying and selling beneath their pegs with Tether at $0.915 on the change.

Nevertheless, whereas the crypto reductions look engaging for an arbitrager, the truth is that almost all traders will be unable to reap the benefits of them.

It’s because the low cost solely applies when a cryptocurrency is traded in opposition to fiat USD on the crypto change. 

The issue is, Binance.US customers haven’t been in a position to deposit new USD into the platform since June 9, when it was suspended. Successfully, because of this the discounted cryptocurrencies can solely be purchased with any USD already sitting on the account earlier than the suspensions came about.

Issues that Binance.US will quickly halt USD withdrawals have additionally led to some customers buying and selling their cryptocurrencies beneath market worth in an effort to exit their positions in USD. 

In keeping with an email from Binance.US to prospects, which has circulated on Twitter, the final day for USD withdrawals will probably be July 20.

Associated: Bitcoin priced on Binance​.US crypto exchange at $700 premium

In late Could, a similar situation occurred regarding the Australian greenback on the Australian department of Binance when the corporate’s third-party funds supplier shuttered fiat on and off ramps.

The worth of BTC on Binance fell 20% in comparison with world spot costs when traded in opposition to the Australian greenback.

Journal: Unstablecoins: Depegging, bank runs and other risks loom