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Home » Binance.US suspends dollar deposits and withdrawals

Binance.US suspends dollar deposits and withdrawals

Binance’s US subsidiary announced that US dollar deposits and withdrawals will be suspended starting next week due to the lawsuit from the North American country’s Securities and Exchange Commission (SEC).

in one release The company said late Thursday that the company’s banking and payment partners have expressed an interest in it, based on a lawsuit filed by the US Securities and Exchange Commission pause dollar deposit and withdrawal channels from June 13, 2023.

This means Binance.US is unable to accept dollar deposits and process fiat withdrawals “Will be affected”, as recommended by the company.

Binance.US claims the sale of the banking partners is in response to the SEC’s “extremely aggressive intimidation tactics” against the US digital asset industry. This means “challenges” for the banks that the exchange works withas explained in the statement.

For this reason, they inform users in good time “so that they can take the necessary measures” because they will switch to partnered operations that only work with cryptocurrencies.

Along those lines, the company shares that it has up to “more stable banking partners” Binance.US It will remain a pure cryptocurrency exchange.“at least temporarily”.

In addition to suspending US dollar deposits and withdrawals, the platform also announced that starting next week Existing US currency pairs will be removed, including the BTC-USD pair. However, they will continue to support pairs with stablecoins, such as BTC-USDT.

The removal of the pairs was announced by Binance.US on June 7th. As reported by CriptoNoticias, the company announced the unwinding of at least 100 cryptocurrency trading pairs from the Tether (USDT), Bitcoin (BTC) and BUSD markets.

Binance.US reported last night in its statement that all US dollar-denominated balances are held on the platform They are converted into a stablecoin that can be withdrawn after June 15, 2023.

Binance.US argues that The reserves of all client assets are held at a ratio of 1:1. Therefore, “customer funds are always safe and available”.

They also point out that all other cryptocurrency-related services “remain fully operational.” This includes trading, staking, depositing and withdrawing crypto assets.

Binance.US increased his interest in ‘defending hard’ against the SEC’s lawsuit and “its baseless attacks.”

The aftermath of the SEC lawsuit

As reported by CriptoNoticias, the US Securities and Exchange Commission has officially sued Binance and its founder and CEO Changpeng Zhao, claiming that the company and its businesses violate the federal securities laws of the country.

The SEC also applied to the district court hearing the case for permission to freeze Binance.US funds, although the company provided clarifications shortly thereafter User assets are protected by the Safe Asset Fund for Users (SAFU).

Along with Binance, the U.S. Securities and Exchange Commission sued Coinbase, the country’s largest cryptocurrency exchange, for similar offenses as Binance, ie the alleged violation of securities laws.

Binance and Coinbase stated their intention to pursue litigation against the SEC in court. Both companies agree that it is a securities regulatory crusade against the cryptocurrency industry in the US, which has had a strong presence for years.

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