Bitcoin spreads soar 20 times higher on BinanceUS than on Coinbase, Kraken: Kaiko
Quick Take
- BTC spread have shot 20 times higher on BinanceUS compared to other crypto exchanges, according to crypto data firm Kaiko.
- The activity emerges amid a tumultuous week for the crypto exchange giant.
Bitcoin spread soared dramatically on BinanceUS, the crypto exchange giant's American affiliate.
The BTC spreads against USDT and USD more than tripled within the past week — compared to modest changes from Coinbase and Kraken. In all, BinanceUS's BTC spread soared 20 times wider than its competitors, according to crypto data firm Kaiko.
Source: Kaiko, Twitter
The activity suggests that users are selling off their BTC after the Securities and Exchange Commission brought a lawsuit against Binance, Binance US and Binance CEO Changpeng Zhao.
After the suit, BinanceUS announced a move to delist over 100 trading pairs and paused its OTC Trading Portal. BinanceUS said late Thursday that it would pause USD deposits ahead of an expected freeze on dollar payments services from its bank partners.
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