The actions of the U.S. Securities and Exchange Commission are causing the Binance.US platform to issue an announcement that it has suspended its option to accept USD customer deposits. “Extremely aggressive and intimidating” attitude of the SEC means that the same will happen with withdrawals.
Binance reacts to SEC’s actions
Binance.US has announced a unique change in its operations that will affect all customers using the platform. In the wake of recent events, the company has decided to suspend deposits in US dollars and has announced an upcoming hiatus in fiat (USD) withdrawal channels, which will take place as early as June 13.
As it turns out, the decision is the result of the extremely aggressive and intimidating tactics that Binance.US has faced from the US Securities and Exchange Commission. The company stresses that these actions are aimed at protecting its customers.
It is important to point out that although USD deposits will be suspended, Binance.US will not leave its users alone. In the announcement, the platform says it is maintaining a 1:1 ratio for customer assets, meaning that it plans to move to an exchange that only handles cryptocurrencies. This means that customers’ deposits will not be lost and their assets will continue to be safe.
SEC wages ideological war
The release also warned that possible delays in processing withdrawals in the future “may be caused by increased volumes and weekend bank closures.” However, cryptocurrency trading, staking, deposits and withdrawals remain fully operational, regardless of these changes.
Unfortunately, Binance.US and its banking partners have faced increasing challenges as a result of the SEC’s “ideological campaign against the US digital asset industry.” As a result, the banks have expressed their intention to cut off the ability to make fiat transactions on the exchange.
The company announced that US dollar deposits will be suspended as of June 9, and USD-related trading pairs will be removed next week. However, Tether-related trading pairs will continue to be supported.
It is important to note that any USD funds remaining on the exchange will be able to be converted into stablecoins, which can then be withdrawn on the chain. This is presumably a step to ensure the continuation of services for users and to minimize any possible inconvenience associated with these changes.
Binance.US makes a selection of trading pairs
Binance.US surprised its users by announcing the removal of ten trading pairs from the platform. Eight of them were listed to Bitcoin and two to BUSD. This withdrawal took place on June 8. The decision brought some concern among investors, especially because Bitcoin was in high demand in the US market, and its value has increased significantly this year.
