Binance.US stated that these actions are undertaken as a means to safeguard both their customers and the platform in response to the SEC’s utilization of “highly assertive and threatening strategies.”
Binance.US, with a strong sense of responsibility towards its esteemed customers and the integrity of its platform, has confidently announced the suspension of United States dollar deposits. This decision comes in response to the unwarranted and aggressive tactics displayed by the United States Securities and Exchange Commission (SEC). To proactively inform its valued clientele, Binance.US also notified them about the upcoming temporary pause in fiat (USD) withdrawal channels, set to begin as early as June 13, 2023.
In the face of these challenges, Binance.US has resolved to transition into a crypto-only exchange while ensuring that customers’ assets will be maintained at a 1:1 ratio. Although there may be occasional disruptions in processing withdrawals due to increased volumes and weekend bank closures, the exchange assures users that trading, staking, deposits, and withdrawals involving cryptocurrencies will continue to operate normally.
The SEC’s ideological campaign against the American digital asset industry has posed difficulties for Binance.US and its banking partners. Consequently, the exchange’s banking partners have expressed their intention to sever fiat on-ramps.
To accommodate these changes, Binance.US has suspended U.S. dollar deposits effective from June 9, and USD trading pairs will be delisted in the coming week. However, Tether trading pairs will still be supported. Any remaining USD on the platform can be converted into a stablecoin, which can then be withdrawn on-chain.
Additionally, on June 8, Binance.US delisted eight Bitcoin pairs and two BUSD pairs while temporarily pausing OTC Trading Portal services. It is important to note that BTC previously traded at a premium on the U.S. exchange in early May.
In response to an emergency order issued by the SEC on June 6, freezing Binance.US’s assets, the company swiftly reassured customers that their assets remain secure. The platform continues to operate fully, with deposits and withdrawals functioning normally.
Cointelegraph previously reported on Binance.US’s challenges in securing banking partners in April. Nonetheless, the company remains committed to delivering a reliable and robust crypto trading experience for its users.