Bitcoin Trades for Nearly $650 More on Binance.US

Recently, Bitcoin is trading at a premium on Binance.US. According to CoinDesk, at 9:26am UTC today, the price of Bitcoin was nearly $650 higher than on other major exchanges.

Adam Cochran, partner at Cinneamhain Ventures, said on Twitter, "my hunch is Binance getting forced out of US market in CFTC (the US Commodity Futures Trading Commission) settlement and continuing the rotation from BUSD->BTC->USDT."

Griffin Ardern, volatility trader at crypto derivative exchange Blofin, said, "when the liquidity is sufficient, the depth of buy and sell sides is usually constantly changing, but a dynamic balance is maintained. On Binance.US, the order book is imbalanced with significantly more buy orders than sell orders. Prime market makers are leaving Binance.US, possibly due to regulatory pressure and renewed compliance requirements."

In March 2023, Binance and its CEO CZ were sued by CFTC for allegedly breaking trading and derivatives rules.