Binance.US to suspend USD deposits

The American unit of the cryptocurrency exchange Binance announced the suspension of USD deposits and urged clients to withdraw fiat funds by June 13 via the ACH system.

The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY

— Binance.US ?? (@BinanceUS) June 9, 2023

From that date, the platform’s banking partners are preparing to cut off dollar withdrawals due to regulatory pressure, Binance.US said.

On June 5, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO Changpeng Zhao. The agency filed 13 charges, including the sale of unregistered securities.

Subsequently, reports emerged that the regulator’s claims are similar to those brought against the failed cryptocurrency exchange FTX and its subsidiary Alameda Research.

“The SEC is using extremely aggressive and intimidating tactics in its ideological campaign against the American digital-asset industry. This relentless policy toward Binance.US and our business partners has created problems for the banks we work with,” the exchange said.

As part of planned measures, Binance.US will also delist USD trading pairs such as BTC/USD, while continuing to support trading instruments with USDT from Tether.

Banks’ remaining USD balances after June 13 will be converted into a stablecoin.

The exchange will shift to a cryptocurrency-only trading regime. For digital assets, all operations, including deposits, withdrawals and staking, will remain available.

Earlier on June 8, Binance.US removed 10 trading pairs tied to Bitcoin and its own stablecoin BUSD, and also paused off-exchange trading.