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On June 7, several coins and tokens registered on Binance. US, the US subsidiary of cryptocurrency exchange Binance, has begun deviating from its fair value in order to trade at a premium. Coins like Bitcoin (BTC) and Ether (ETH) were worth $27,445 and $1,911 respectively, compared to CoinMarketCap averages of $26,490 and $1,850.
Meanwhile, stablecoin tokens like Tether (USDT) and USD Coin (USDC) have outperformed their face value, trading at $1.03 and $1.04 respectively. Same day Binance. US has removed more than a dozen USDT-based trading pairs, suspended its OTC trading portal, and capped the maximum transaction amount of its buy, sell, and convert services to $10,000.
In addition, according to the support page, Binance bank deposits. US were listed as “temporarily unavailable” while withdrawals are “operating as normal”. However, the exchange also said that USD payment methods, including debit cards, Apple Pay, and Google Pay, are also temporarily available to some users due to “channel switching.”
In addition to funding problems, investors were also worried about the emergency offer of the US Securities and Exchange Commission (SEC) to freeze Binance’s assets. US and repatriate funds owned by US clients. In response, Binance staff wrote:
“User assets remain safe, and the platform continues to operate in full, deposits and withdrawals are carried out as usual.”
On June 5, the SEC sued Binance, alleging the operations of an unregistered exchange in the US along with the sale of unregistered securities. The commission also accused the exchange of “mixing” and “diverting” investors’ funds. Changpeng Zhao, CEO of Binance, received a civil subpoena to respond to the allegations on June 7.