Binance.US says it will stop deposits and withdrawals in US dollars in response to the lawsuit by the US Securities and Exchange Commission (SEC).
In a new announcement, Binance.US say it will temporarily become a crypto-only exchange platform due to the SEC’s “ideological campaign” against the US digital asset industry.
“The SEC has begun using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the US digital asset industry. Binance.US and our business partners have not been spared from using these tactics, which has created challenges for the banks we work with.
As a result, in an effort to protect our customers and our platform, we are suspending USD deposits today and informing 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 always has been, our customers.
We are taking these proactive steps as we move – for a while – to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all client assets.”
Earlier this week, the SEC first sued Binance, the world’s largest crypto exchange platform by volume, for violating securities laws. Just a day later, the regulatory body also filed a lawsuit against Coinbase, the largest crypto exchange in the US, for similar reasons.
Binance.US says it will remain open for crypto trading, staking and deposits as normal and will continue to defend against the SEC’s “meritless” attacks.
According to the company, customers who want to withdraw their USD must do so before June 13.
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