Binance US has announced that its banking partners plan to suspend USD withdrawal channels as soon as June 13, 2023.
The crypto exchange will suspend USD deposits today and will delist USD pairs next week.
Binance US is encouraging its customers to take “appropriate actions” with their USD.
The exchange has assured that it will maintain 1:1 reserves for all customer assets.
Binance US is suspending USD deposits on its trading platform effective immediately. The crypto exchange has revealed that its banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. The American arm of the world’s largest crypto exchange blamed the deposit and withdrawal suspension on the enforcement action initiated by the U.S. Securities and Exchange Commission.
Binance US Blames SEC’s Extremely Aggressive and Intimidating Tactics
Binance US took to Twitter a little while ago to inform its customers about the latest developments regarding its online trading platform. The exchange accused the SEC of using extremely aggressive and intimidating tactics in pursuit of its “ideological campaign against the American digital asset industry.”. According to the crypto giant’s American arm, the legal troubles and complications stemming from the securities regulator’s actions have led to challenges with the banks that the exchange works with.
The crypto exchange stated that in the interest of consumer protection, it will suspend USD deposits today and transition to a “crypto-only” exchange. All customers are being encouraged to withdraw their fiat assets from the American exchange before June 13, 2023. The exchange warned that due to elevated volumes and weekend bank closures, the withdrawal process may take longer than usual.
While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, Binance.US will continue to vigorously defend ourselves, our customers, and industry against the meritless attacks of the SEC.”
Binance US will start delisting USD trading pairs, including BTC/USD starting next week. Any USD balance remaining on the platform after June 13, 2023, will likely be converted to stablecoins. The crypto exchange has assured its customers that it will maintain 1:1 reserves for all customer assets.