Binance.US announced on June 9 that it would transition to a crypto-only exchange for the time being.
The move comes as the payment and banking partners have suspended USD channels due to the Securities and Exchange Commission (SEC) lawsuit against Binance and related entities over allegations of violating securities laws, including operating as an unregistered exchange.
Binance.US said its banking partners plan to shut down all USD payment channels by June 13. The exchange advised users to withdraw USD balances via wire transfer before the deadline.
It warned there could be delays in processing withdrawals due to the expected high volume of requests and bank closures over the weekend.
The exchange has suspended USD deposits and recurring buy orders and will begin delisting USD trading pairs next week. USD balances on Binance.US after June 15 will be converted to stablecoin, the exchange said.
Binance.US added that crypto trading, staking, deposits and withdrawals remain functional. The exchange will be crypto only until new banking partners are found.
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