The recent developments surrounding Binance US continue to bring bad news for the cryptocurrency exchange.
Following the US Securities and Exchange Commission’s (SEC) lawsuit against Binance’s US arm, the exchange has now announced the immediate suspension of USD deposits.
Additionally, Binance US customers have been notified that banking partners are preparing to suspend fiat (USD) withdrawal services as early as June 13.
These measures are a direct result of the SEC’s aggressive tactics, which have put pressure on the exchange’s banking partners. This article explores the implications of these actions and their impact on Binance US users.
Binance US has announced the suspension of USD deposits due to the ongoing SEC lawsuit. This move comes as a response to the regulatory pressure faced by the exchange and its banking partners.
Starting from June 13, Binance US customers will no longer be able to make USD withdrawals. The exchange has urged its users to take necessary actions with their USD holdings, as fiat withdrawal services will be unavailable.
Binance US’s message to customers highlights the SEC’s use of aggressive and intimidating tactics as part of its ideological campaign against the US digital asset industry. These tactics have posed challenges for the exchange’s banking partners, forcing them to suspend services to avoid regulatory scrutiny.
With the suspension of USD deposits and impending withdrawal restrictions, Binance US will operate solely as a crypto-only exchange. This change will impact users’ ability to convert between cryptocurrencies and fiat currencies.
Binance US emphasizes that all user funds are secure, maintaining 1:1 reserves for customer assets. Any delays in processing withdrawals are attributed to increased volumes and weekend bank closures. Trading, staking, and crypto deposits and withdrawals will remain unaffected.
