On June 7, on Binance.US, a number of coins and tokens were listed for more than their fair value, creating a bias. For example, the price of Bitcoin (BTC) and Ether (ETH) on Binance.US is $27,445 and $1,911, compared to the average prices on CoinMarketCap of $26,490 and $1,850.
Stablecoins like Tether (USDT) and USD Coin (USDC) have also exceeded their face value and are trading at $1.03 and $1.04 respectively. At the same time, Binance.US removed more than a dozen USDT-based trading pairs and halted the decentralized exchange portal. The maximum transaction amount for buy, sell and convert services has also been capped at $10,000.
According to the Binance.US support page, wire transfers are reported to be “temporarily unavailable”, while withdrawals are still working normally. However, the exchange also said that US dollar-based payment methods, including debit cards, Apple Pay, and Google Pay, are still temporarily available to some users through “switching channels”. “.
In addition to financial problems, the investor community is also worried with an urgent move by the US Securities and Exchange Commission (SEC), to freeze Binance.US assets and repatriate funds. from US customers. In response, a Binance representative said:
“Users’ assets remain safe and secure, and our platform remains fully operational, allowing deposits and withdrawals as usual.”
On June 5, the SEC sued Binance, accusing the exchange of operating unregistered in the United States and selling unregistered securities.