Binance US Suspends USD Deposits and Withdrawals Following SEC Actions

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The US regulatory authority filed charges against multiple Binance entities on Monday, including Binance Holdings, which operates Binance.com, and its subsidiary BAM Trading Services, which operates Binance US. The CEO of Binance, Changpeng Zhao (CZ), was also named in the charges. The following day, the SEC sought a temporary restraining order to freeze assets held by Binance US. The SEC also filed charges against the Nasdaq-listed cryptocurrency exchange platform, Coinbase, on Tuesday.

On Thursday, the official Binance US Twitter account stated, “SEC has purportedly engaged in tactics designed to intimidate and frighten the larger ecosystem. This action by the SEC is a direct challenge to banks that we have diligently worked to build relationships with.” The platform continued by announcing:

“Today, we are announcing that we will be suspending USD deposits and advising our banking partners to prepare to cease USD withdrawal channels by June 13, 2023. We encourage our users to take appropriate actions for USD.”

Additionally, Binance US informed customers that it would delist certain advanced trading pairs involving BTC and BUSD. Furthermore, Binance US indicated its intention to transition into a crypto-only trading platform, stating on its website that USD must be withdrawn by June 13, 2023.

Binance US added that “any remaining USD balances on the platform after June 15, 2023, may be converted to a stablecoin withdrawable on the blockchain.” It affirmed the full continuation of crypto services, including cryptocurrency trading, deposits, withdrawals, and investments. Binance US reassured customers that it holds a qualified reserve of client assets at a 1:1 ratio.

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