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Binance.US has announced the suspension of US dollar deposits and notified its customers of the coming pause on 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 scare tactics” from the Securities and Exchange Commission.
The firm noted that, in an effort to protect its customers and the platform, it is suspending USD deposits. Furthermore, Binance.US is “notifying customers that our banking partners are preparing to freeze fiat (USD) withdrawal channels as of June 13, 2023.”
The SEC has employed extremely aggressive and intimidating tactics in waging an ideological campaign against the US digital asset industry. And our trading partners have not been spared in the use of these tactics, leading to… pic.twitter.com/rlIe6swIoY
– Binance.US (@BinanceUS) June 9, 2023
The company said it plans to transition to a crypto-only exchange, but maintain a 1:1 ratio for customer assets.
The notice cautioned that any downtime in the processing of withdrawals “could result in increased volumes and weekend bank closures.”
Crypto trading, staking, deposits and withdrawals are fully operational, it was confirmed.
This is a developing story, and further information will be added as it becomes available.
