Breaking: Binance.US suspends USD deposits, warns of fiat withdrawal pause
1 min read
Binance.US has announced the suspension of U.S. dollar deposits and has notified its customers of an incoming pause to fiat (USD) withdrawal channels as early as June 13.
On June 9, Binance.US announced that it was forced to take action amid “extremely aggressive and intimidating tactics” from the United States Securities and Exchange Commission.
The firm noted that, in an effort to protect its customers and platform, it is suspending USD deposits. Furthermore, Binance.US is “notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.”
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry.
The SEC issued an emergency order on June 6 to freeze the assets of Binance.US. The following day, the firm reassured customers that assets remained safe adding that the platform continues to be fully operational with deposits and withdrawals functioning as normal.
Cointelegraph reported on the struggles Binance.US was having securing banking partners in April.
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