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Binance.US today announced the suspension of USD deposits and indirectly urged users to withdraw their fiat deposits from the platform. The exchange’s banking partners will suspend fiat withdrawal services by June 13.
“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 suspend fiat (USD) withdrawal channels as of June 13, 2023. We encourage customers to take appropriate action with their USD,” Binance.US wrote in a notice.
THE American platform is now becoming a crypto-only exchange. Furthermore, he assured that services such as crypto trading, staking, deposits and withdrawals would be up and running.
“To be clear, we maintain 1:1 reserves for all client assets. Any downtime in processing withdrawals may be the result of high volumes and weekend bank closures,” added the sotck exchange.
The SEC has begun to use extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the US digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in using these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US 🇺🇸 (@BinanceUS) June 9, 2023
SEC action against Binance
The move came after the U.S. Securities and Exchange Commission (SEC) Binance officially accusedits two US subsidiaries and CEO Changpeng Zhao on various charges, including mixing client funds, running an illegal exchange and listing unregistered securities.
According to the exchange, the suspension of fiduciary services was pushed as Binance.US banking partners were facing regulatory pressure to work with the exchange.
Earlier this year, two Binance.US banking partners, Silvergate Bank and Signature Bank, collapsed. The exchange would then have offered fiduciary services using intermediary banks and was in search for a direct banking partner.
Meanwhile, Binance’s Australian subsidiary was also facing setbacks with its banking partners. unity first suspended deposits in Australian dollars and then withdrawals because their local payment service provider has discontinued support. Since then, Binance Australia has been looking for another banking partner to restore services.
Binance.US today announced the suspension of USD deposits and indirectly urged users to withdraw their fiat deposits from the platform. The exchange’s banking partners will suspend fiat withdrawal services by June 13.
“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 suspend fiat (USD) withdrawal channels as of June 13, 2023. We encourage customers to take appropriate action with their USD,” Binance.US wrote in a notice.
THE American platform is now becoming a crypto-only exchange. Furthermore, he assured that services such as crypto trading, staking, deposits and withdrawals would be up and running.
“To be clear, we maintain 1:1 reserves for all client assets. Any downtime in processing withdrawals may be the result of high volumes and weekend bank closures,” added the sotck exchange.
The SEC has begun to use extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the US digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in using these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US 🇺🇸 (@BinanceUS) June 9, 2023
SEC action against Binance
The move came after the U.S. Securities and Exchange Commission (SEC) Binance officially accusedits two US subsidiaries and CEO Changpeng Zhao on various charges, including mixing client funds, running an illegal exchange and listing unregistered securities.
According to the exchange, the suspension of fiduciary services was pushed as Binance.US banking partners were facing regulatory pressure to work with the exchange.
Earlier this year, two Binance.US banking partners, Silvergate Bank and Signature Bank, collapsed. The exchange would then have offered fiduciary services using intermediary banks and was in search for a direct banking partner.
Meanwhile, Binance’s Australian subsidiary was also facing setbacks with its banking partners. unity first suspended deposits in Australian dollars and then withdrawals because their local payment service provider has discontinued support. Since then, Binance Australia has been looking for another banking partner to restore services.
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