The Bitcoin spread (the difference between the buying and selling price) on Binance US, the US branch of Binance, dramatically increased compared to Coinbase and Kraken last week.
According to Kaiko, a company providing industrial-grade data in the crypto space, the spread of BTC against USDT and USD on Binance US increased by more than three times in the past week, while Coinbase and Kraken experienced more modest changes in their spreads. As a result, the BTC spread on Binance US grew 20 times larger compared to its competitors.
After the lawsuit, users started selling their BTC
This volatility indicates that users have started selling their BTC following the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance, Binance US, and Binance CEO Changpeng Zhao.
After the lawsuit, Binance US initially announced its decision to delist over 100 trading pairs. However, the exchange later reversed this decision and stated that all cryptocurrencies and USDT pairs would continue to be traded, with only 10 trading pairs being removed from the platform. Additionally, Binance US has also temporarily suspended dollar deposits starting today.