Binance.US suspends USD deposits 

The US crypto exchange, Binance.US has announced suspending USD deposits. Alongside, the platform’s banking partners are suspending fiat withdrawal. Binance.US said the move is in a bid to protect its customers and the platform. 

The fiat withdrawal suspension by the banking partners will take effect from June 13, 2023. Further, the exchange said the method of execution by the Securities and Exchange Commission has created challenges for the banks they work with.

Binance.US mentioned that the move by the SEC is ‘intimidating and aggressive” which has not spared the platform and its business partners, also the firm tagged the action from the SEC as “meritless attacks.”

 “The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry,” Binance.US said.

All Binance.US users are encouraged to take appropriate steps with their USD, following the announcement. “Our priority is, and has always been our customers,” Binance.US said. 

Binance.US in this latest development is looking to transition to a crypto-only exchange. 

All customers’ assets are maintained 1:1 in reserve and if any downtime is experienced, it is as a result of elevated withdrawal volumes and weekend bank closures, the firm said. 

However, “trading, staking, deposits, and withdrawals in crypto remain fully operational,” Binance.US said.

Recently, Binance Global was sued by the US SEC alongside its CEO Changpeng Zhao. The firm however has received support from its community and recently from Justin Sun, Tron co-founder, and affirmed standing strong to defend all charges from SEC.

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