In response to mounting pressure from the United States Securities and Exchange Commission (SEC), Binance.US, the American division of the world’s largest cryptocurrency exchange, announced the suspension of US dollar deposits and prepared customers for a potential disruption to fiat (USD) withdrawal routes as early as June 13.
The firm, on June 9, highlighted the SEC’s “extremely aggressive and intimidating tactics,” forcing them to act in defense of their customers and platform by suspending USD deposits. Additionally, they alerted their users about potential interruptions in their fiat (USD) withdrawal channels due to actions by their banking partners.
Binance.US plans to pivot towards becoming a crypto-only exchange while ensuring a 1:1 ratio for customer assets. They warned users of possible delays in processing withdrawals due to increased volumes and weekend banking shutdowns, but assured that crypto trading, staking, deposits, and withdrawals would continue uninterrupted.
The firm attributed the growing difficulties faced by Binance.US and its banking associates to the SEC’s “ideological campaign against the American digital asset industry,” leading their banking partners to consider cutting off fiat connections to the exchange.
Effective June 9, USD deposits will be halted, and USD trading pairs will be delisted the following week. The exchange assured its commitment to supporting Tether trading pairs. Binance.US also informed users that remaining USD on the exchange may be converted into a withdrawable stablecoin.
