Binance US Suspends USD Deposits Amid SEC Crackdown

Binance Bemoans SEC's Agressive Tactics

Binance US, the United States arm of Centralized Exchange (CEX) Binance, on Thursday, announced the suspension of U.S. dollar deposits and notified its customers of an incoming pause to fiat (USD) withdrawal channels from banking partners as early as June 13. 

The leading exchange recently expressed concerns over the aggressive tactics employed by the U.S. Securities and Exchange Commission (SEC) in its ongoing campaign against the American digital asset industry. The company, along with its business partners, has experienced the brunt of these tactics, leading to various challenges with the banks they collaborate with.

In an effort to safeguard the interests of its customers and ensure the security of its platform, Binance US has announced the temporary suspension of USD deposits. Furthermore, the company has notified its customers that its banking partners are preparing to halt fiat (USD) withdrawal channels, with the expected date of implementation being June 13, 2023. Binance US advises its customers to take appropriate measures concerning their USD holdings during this transitional period.

Emphasizing their unwavering commitment to customer satisfaction, Binance US has taken these proactive measures to transition temporarily into a crypto-only exchange. 

“Our priority is, and has always been, our customers. We are taking these proactive steps as we–for a time–transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets.“

Binance US also expressed that delays in processing withdrawals may be attributed to high volumes and weekend bank closures. However, trading, staking, and both deposits and withdrawals in cryptocurrencies will continue to operate normally.

While Binance US remains open to finding a constructive compromise that would foster a thriving digital asset marketplace in America, the company firmly asserts its determination to vigorously defend itself, its customers, and the entire industry against what it considers to be baseless attacks from the SEC. Binance US believes in the potential of the digital asset industry and aims to navigate these challenges with the best interests of its customers at heart.

​​What is Binance US:

Binance US is the American arm of the world’s largest cryptocurrency exchange platform, Binance. Users on the platform can buy, sell, and trade over 60 popular crypto assets, including Ethereum (ETH), Solana (SOL), BNB Chain (BNB), and Bitcoin (BTC).

Where to find Binance US:

Website | Twitter | Telegram