Binance.US suspends USD deposits and warns of pausing fiat withdrawals

Binance.US announced the suspension of US dollar deposits and notified its customers of an inbound pause in fiat (USD) withdrawal channels as of June 13.

On June 9, Binance.US announced that it had been forced to act in the face of extremely aggressive and intimidating tactics from the United States Securities and Exchange Commission.

The company noted that, in an effort to protect its customers and its platform, it is suspending USD deposits. Additionally, Binance.US advises customers that our banking partners are preparing to suspend fiat (USD) withdrawal channels as of June 13, 2023.

The SEC has begun to use extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the US digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in using these tactics, which has created pic.twitter.com/rlIe6swIoY

Binance.US (@BinanceUS) June 9, 2023

The company added that it plans to move to a crypto-only exchange, but maintains a 1:1 ratio for client assets.

The notice also warned that any downtime in processing withdrawals in the future could be the result of high volumes and weekend bank closures.

Crypto trading, staking, deposits and withdrawals remain fully operational, he confirmed.

Following the SEC’s ideological campaign against the US digital asset industry, Binance.US and its banking partners have faced increasing challenges, he said. These banking partners have signaled their intention to cut direct access to the exchange.

US dollar deposits will be suspended from June 9 and US dollar trading pairs will be delisted next week, the company said; however, it will continue to support Tether (USDT) trading pairs. He said any remaining USD on the exchange could be converted into a stablecoin that can be withdrawn on-chain.

Ten trading pairs delisted by Binance.US. Source: Binance.US

Binance.US delisted eight Bitcoin (BTC) and two BUSD (BUSD) pairs on June 8 while noting that OTC trading portal services have been suspended. BTC traded at a premium on the US exchange in early May.

Related: Buying Bank Won’t Solve Binance CEO Crypto Unbanking Problem

The SEC issued an emergency order on June 6 to freeze the assets of Binance.US. The following day, the company reassured its customers that the assets remained safe, adding that the platform continued to be fully operational with deposits and withdrawals running as normal.

Cointelegraph reported on Binance.US’ difficulties in securing banking partners in April.

Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have the Final Word?

Sources 1/ https://Google.com/ 2/ https://cointelegraph.com/news/binance-us-suspends-usd-deposits-warns-withdrawal-pause-incoming The mention sources can contact us to remove/changing this article

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