Binance.US USD is de-pegging

Yes, you read that right. Somehow USD on Binance.US is de-pegging from all other assets. Currently, BTCUSD is trading at 29128 vs BTCUSDC which is at 28278. That's almost a 1K difference in price and every single other exchange I've checked is quoting the BTC price at 28K ish range which is in line with the USDC and USDT pairs on Binance.US. Interestingly, this is not exclusive to BTC as all other USD pairs are trading at a 3% premium to every other exchange.

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https://preview.redd.it/p8zssfuloiya1.png?width=1090&format=png&auto=webp&v=enabled&s=efbcfc9eaba970e401af21377692e29a0780915e

The weird thing is that no one seems to be talking about this. I guess that due to the weekend, it's impossible to close the arbitrage without banks being opened. So I would anticipate that prices will return to normal once the banks open on Monday making this a great opportunity to make 3%+. But there may also be something funky going on behind the scenes.

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50 thoughts on “Binance.US USD is de-pegging”

  1. Binance is under heavy pressure since they stopped the BTC withdrawals. Not sure why they do ( I assume they don’t want to pay the fees or make the users pay higher fees? )
    but it probably is enough to freak some people out.

  3. Is this usually the case on weekends though? Almost definitely something is going on behind the scenes. 1k price difference is huge!

  5. Why are we using these air printed tokens stable coins. And they are using this air and pairs to trade for actually something valuable….BTC

    But everything I see is super red, some alts are at levels when btc was 17k.

  7. I think people are probably stressed more about the red dildos that appeared on their screens

  8. So everyone is clear, this isn’t Binance USD (BUSD) depegging, this appears to be the USD itself not trading at its nominal value on Binance. 🤔

    • 400k pending transactions on the Bitcoin network
    • Binance pausing BTC withdrawals
    • Highest number of unconfirmed transactions ever
    • 2x higher than highest point of 2018 and 2021 bull markets

    These degens man

  16. The thing is that this encourages fiat off-ramping and discourages fiat on-ramping. Normally, exchanges want you to on-ramp your fiat.

    I just sold ~$10,000 of USDT for a 3% premium after seeing this, $300 of profit, and the fiat off-ramp process appears to be going smoothly.

  22. Everything on Binance is at a markup vs usd. Anything you sell right now you will get pre todays dip prices.

  23. There’s more than 400k pending BTC transactions right now lmao. Those arbitrage people are something else.

  24. Binance Coin pros & cons with related info are in the collapsed comments below.

  26. This is what happened with USDC before it depegged.

    Keep in mind with the banks going down, it matters where collateral backing USD is kept, or what is backing it. No idea in binance case, but there was that 120k (around that amount) BTC withdrawl earlier (which is why they paused all BTC withdraws), so maybe their collateral backing the stable is fucked.

    In the case of USDC it’s collateral (or a good portion of it) had been locked in silicon valley bank when it stopped allowing withdraws and shut after the bank run (caused by silicon valley types saying maybe we should get out, causing their own bank run etc).

  27. It appears to be correcting now 🤷‍♂️

    Coinbase ~$28,xxx

    Binance.US ~$28,xxx

    Kraken ~$28,xxx

  28. Probably has allot to do with the bitcoin network being massively backed up. It had something like 350,000 tx’s in the queue today.

  29. Nobody relates this to how binance always has USD banking trouble? I don’t think this is an arb, I think there’s actually a reason ofc

  31. That probably explains why the market just dropped like a rock all of a sudden in the past hour.

  32. Either big is around the corner or this is just one hell of an arbitrage opportunity for US folks. 1k difference is no joke, hope it all goes well.

  35. My cold storage is gunna remain 1 Bitcoin =1 Bitcoin….so you folks deserve all you get if you leave your valuables in others possession best of luck carry on

  37. It is not the USD tokens depending. It is because they disabled btc withdrawals and people are worried they might not actually have the btc they say they do.

    Hopefully that is crazy talk. But I would not want to have my tokens there right now.

  44. goddammit are you telling me Tether again is proving to be the most reliable stablecoin…

  49. Am I supposed to interpret this as crypto being more stable than fiat? Cuz that’s what it sounds like.

    Or maybe I’m just reading it wrong. Can never rule that out.

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