Bitcoin trades at a discount on Binance.US.

On Friday, Binance.US offered Bitcoin (BTC) at a slightly lower price after announcing its plans to become a cryptocurrency-only platform from June 13th.

According to TradingView, at 08:25 UTC, the Bitcoin-US dollar pair on Binance.US was trading at least $130 lower than on Coinbase and other major exchanges.

Clara Medalie, a director at the Paris-based cryptocurrency data provider Kaiko, said, “BTC now trades at a slight discount on Binance.US. News of a possible halt in USD withdrawals has caused an uptick in BTC selling as traders quickly try to get their assets off the exchange.”

Binance.US tweeted late on Thursday that it would no longer accept dollar deposits and warned that its banking partners are preparing to pause fiat withdrawal channels as of June 13th. The exchange urged clients to reclaim their dollars using bank transfers before then and stated that it would begin delisting dollar-denominated pairs starting next week.

The decision to become a cryptocurrency-only platform came after the US Securities and Exchange Commission (SEC) asked a federal court to freeze Binance.US’s assets while suing its global entity Binance and rival exchange Coinbase for violating federal securities laws.

Market makers removed liquidity from Binance.US’s order books in response to the SEC’s action. As a result, the market depth worsened, causing Bitcoin to trade at a premium of more than $1,000 on the exchange at one point.

Edited by Sheldon Reback.

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