Binance US Halts USD Deposits, Withdrawals — Asks Users to Withdraw Dollars by June 13

Binance US has informed its users that U.S. dollar deposits person been suspended and USD withdrawals volition nary longer beryllium processed. The crypto speech has asked customers to retreat dollars by June 13 arsenic it transitions into a crypto-only trading platform. The determination followed a suit against the crypto speech and respective different Binance entities by the U.S. Securities and Exchange Commission (SEC).

Binance US Suspends Dollar Deposits, Withdrawals

Binance US made an announcement Thursday regarding the suspension of U.S. dollar deposits and withdrawals pursuing an “aggressive” enforcement enactment taken by the U.S. Securities and Exchange Commission (SEC).

The securities watchdog filed charges against respective entities connected Monday, including Binance Holdings, which operates Binance.com; its U.S.-based affiliate BAM Trading Services, which operates Binance US; and Binance CEO Changpeng Zhao (CZ). The regulator followed up with an exigency enactment exertion the adjacent day, seeking a impermanent restraining bid to freeze assets held by Binance US. The SEC besides filed charges against the Nasdaq-listed crypto speech Coinbase connected Tuesday.

“The SEC has taken to utilizing highly assertive and intimidating tactics successful its pursuit of an ideological run against the American integer plus industry,” the authoritative Twitter relationship for Binance US wrote Thursday, adding that the SEC’s enactment “has created challenges for the banks with whom we work.” The speech continued:

In an effort to support our customers and platform, contiguous we are suspending USD deposits and notifying customers that our banking partners are preparing to intermission fiat (USD) withdrawal channels arsenic aboriginal arsenic June 13, 2023. We promote customers to instrumentality due enactment with their USD.

In addition, Binance US informed customers that it volition region prime BTC and BUSD precocious trading pairs. “We person besides decided to streamline our buy, merchantability & person offering and person paused our OTC trading portal,” the speech noted.

The level additionally clarified that it is transitioning into a crypto-only exchange, stating connected its website:

Binance.US volition go a crypto-only exchange. Please retreat USD by June 13, 2023.

“Any USD balances remaining connected the level aft June 15, 2023, whitethorn beryllium converted to stablecoin that tin beryllium withdrawn on-chain,” Binance US noted, emphasizing that “Cryptocurrency services stay afloat operational, including crypto trading, staking, deposits, and withdrawals.” Moreover, Binance US stressed that it maintains a 1:1 reserve for each lawsuit assets.

In a missive to its users, Binance US stated that “the SEC has brought unjustified civilian claims against our business, from which we volition proceed to vigorously support ourselves, our customers, our partners, and industry.” The speech likewise tweeted Thursday that it “will proceed to vigorously support ourselves, our customers, and manufacture against the meritless attacks of the SEC.”

What bash you deliberation astir Binance US becoming a crypto-only trading platform? Let america cognize successful the comments conception below.