The American division of the Binance crypto exchange announced the suspension of deposits in dollars and recommended that customers withdraw fiat funds by June 13 through the system ACH.
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 this date, the banking partners of the platform are preparing to block the channels for withdrawing dollars due to regulatory pressure, Binance.US noted.
On June 5, the US Securities and Exchange Commission (SEC) sued Binance and its CEO Changpeng Zhao. The agency filed 13 charges, including the sale of unregistered securities.
Later, there were reports that the claims of the regulator are similar to those of the collapsed FTX crypto exchange 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 cutthroat policy against Binance.US and our business partners has created problems for the banks we work with,” the exchange said in a statement.
As part of the planned measures, Binance.US will also delist dollar pairs like BTC/USD, while continuing to support Tether’s USDT trading instruments.
The remaining dollar balances of users after June 13 will be converted into a stablecoin by the platform.
The exchange will switch to exclusively cryptocurrency trading mode. For digital assets, all operations, including deposits, withdrawals and staking, will remain available.
Recall that on June 8, Binance.US removed 10 trading pairs in conjunction with Bitcoin and its own stablecoin BUSD, and also suspended over-the-counter trading.
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