Binance.US has announced the suspension of US dollar deposits and has notified its customers of a pause in incoming fiduciary (USD) withdrawal channels since June 13.
On June 9, Binance.US announced that it was forced to take action amid “extremely aggressive and intimidating tactics” by the US Securities and Exchange Commission.
The company noted that in an effort to protect its customers and its platform, it is suspending deposits in USD. In addition, Binance.US is “notifying customers that our bank partners are preparing to stop fiat (USD) withdrawal channels as early as June 13, 2023.”
The SEC has begun using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the US digital asset industry. and our trading 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 withdrawal processing in the future “may be the result of high volumes and weekend bank closures.”
Crypto trading, betting, deposits and withdrawals remain fully operational, he confirmed.
As a result of 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 expressed their intention to cut the fiat ramps on the exchange.
USD deposits will be suspended from June 9 and USD trading pairs will be delisted next week, the company said, but it will continue to support USDT (Tether) trading pairs. He stated that any USD left on the exchange can be converted into a stablecoin that can be withdrawn on-chain.
Binance.US has removed ten trading pairs. Source: Binance.US
Binance.US removed ten trading pairs on June 8, eight BTC pairs and two BUSD pairs, although it noted that the OTC trading portal’s services were on pause. BTC traded at a premium on the US exchange in early May.
Related: Buying a bank won’t solve the cryptocurrency debanking problem – Binance CEO
The SEC issued an emergency order on June 6 to freeze the assets of Binance.US. The next day, the company assured customers that assets remained safe and added that the platform remains fully operational with deposits and withdrawals operating as normal.
Cointelegraph reported on Binance.US’ struggles to secure banking partners in April.
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