Binance.US has suspended the use of USD on its platform.
The crypto exchange cited its ongoing legal case with the US SEC.
Binance.US Halts USD Deposits
Binance.US, the United States arm of the Binance crypto exchange, announced earlier today that it has suspended deposits of US Dollars on its platform. This latest development comes as the crypto exchange faces legal pressure from the US Securities and Exchange Commission (SEC).
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY— Binance.US 🇺🇸 (@BinanceUS) June 9, 2023
Binance.US added that it is transitioning to an all-crypto exchange as of June 13. In its tweet, the crypto exchange added that trading, staking, deposits, and withdrawals in crypto remain fully operational.
The crypto exchange wrote;
“The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. http://Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.
As a result, in an effort to protect our customers and platform, today we are suspending USD deposits and notifying 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.”
USD deposits on Binance.US will be suspended starting today and all USD-based trading pairs will be de-listed shortly after.
The cryptocurrency exchange said it is open to a productive compromise that enables a thriving digital asset marketplace in America. Binance.US will continue to vigorously defend themselves, their customers, and the crypto industry against the meritless attacks of the SEC.
BNB, the native coin of the Binance ecosystem, has lost more than 15% of its value over the past few days and is now trading at around $260 per coin.
Earlier this week, the US SEC filed a temporary restraining order to freeze certain assets tied to the cryptocurrency exchange. Binance.US and the SEC are due back in court on June 13.