SEC: Binance stops USD deposits in USA

The largest centralised cryptocurrency exchange in terms of market cap, Binance has stopped USD deposits.

According to a Tweet by the official handle of the crypto exchange, it is revealed that their payments and banking partners have signalled their intent to pause USD fiat channels as early as June 13th, 2023.

This means USD fiat deposits and withdrawals will be on hold. There will be inability to accept USD fiat and process USD fiat withdrawals.

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

http://Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.

“As a result, in an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.

“We encourage customers to take appropriate action with their USD. Our priority is, and has always been, our customers. We are taking these proactive steps as we–for a time–transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets.

“Any downtime in processing withdrawals may be the result of elevated volumes and weekend bank closures.

“Moreover, trading, staking, deposits and withdrawals in crypto remain fully operational.

“While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, http://Binance.US will continue to vigorously defend ourselves, our customers, and industry against the meritless attacks of the SEC.” The Tweet reads

“Our notice to customers:

Binance US pauses USD Fiat deposits and withdrawals

The Tweet added.

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Recall

The U.S. Securities and Exchange Commission filed a complaint against Coinbase (COIN), and the price of the tokens mentioned in it is currently in freefall.

The SEC charged Coinbase with violating federal securities laws just one day after bringing a comparable action against Binance.