Binance​.US sells Bitcoin at $700 premium

Binance.US, the American branch of the international cryptocurrency exchange Binance, is selling Bitcoin at a premium as Binance recovers from several Bitcoin withdrawal halts.

The price of Bitcoin on Binance.US is $700 higher than the market price of the cryptocurrency on May 9.

Bitcoin was trading at $28,393 at the time of writing, or around 1:30 a.m. UTC, according to data from the Binance.US Bitcoin page.

According to CoinGecko and CoinMarketCap, the current Bitcoin market price is $27,722, which is approximately 2% less than the price listed on Binance.US.

The highest intraday price of Bitcoin on Binance.US was $28,600, while the highest intraday price on the market was only $2,004. In the interim, Bitcoin’s lowest intraday values on Binance.US ranged from $27,350 to $27,669.

The Bitcoin premium offered by Binance.US arrives shortly after Binance, the largest global exchange, experienced significant withdrawal issues on May 7.

The exchange was compelled to suspend withdrawals due to Bitcoin’s peculiar mempool congestion, which caused more than 400,000 transactions to become stalled on the blockchain.

The event prompted Binance to finally contemplate integrating the Lightning Network on its platform, which is designed to accelerate and reduce the cost of BTC transactions.