Binance.US said the moves are part of efforts to protect customers and the platform amid “extremely aggressive and intimidating tactics” by the SEC.
Binance.US has announced the suspension of U.S. dollar deposits and has notified its customers of an incoming pause to fiat (USD) withdrawal channels as early as June 13.
On June 9, Binance.US announced that it was forced to take action amid “extremely aggressive and intimidating tactics” from the Securities and Exchange Commission.
The firm noted that, in an effort to protect its customers and platform it is suspending USD deposits. Furthermore, Binance.US is “notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.”
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US (@BinanceUS) June 9, 2023
The company added that it plans to transition to a crypto-only exchange but maintains a 1:1 ratio for customer assets.
The notice did caution that any downtime in processing withdrawals “may be the result of elevated volumes and weekend bank closures.”
Trading, staking, deposits and withdrawals in crypto remain fully operational, it confirmed.
This is a developing story, and further information will be added as it becomes available.