Binance.US halts USD deposits and withdrawals due to SEC pressure.

Binance.US has announced on its official Twitter handle that it will temporarily suspend USD deposits and fiat (USD) withdrawals due to the Securities and Exchange Commission’s (SEC) aggressive actions against the American digital asset industry. The exchange aims to protect its customers and platform while transitioning to a crypto-only exchange. Binance.US assures its customers that it will maintain 1:1 reserves for all customer assets while crypto-related services will remain fully operational. The exchange encourages its customers to take appropriate action with their USD holdings in response to the SEC’s actions.

Despite the temporary suspension of USD-related services, Binance.US emphasizes that trading, staking, deposits, and withdrawals in cryptocurrencies will continue to operate without interruption. The exchange assures its customers that any potential downtime in processing withdrawals may be attributed to elevated volumes and weekend bank closures.

Binance.US expresses openness to a productive compromise that enables a thriving digital asset marketplace in America, but it vows to vigorously defend itself, its customers, and the industry against what it considers meritless attacks by the SEC. The exchange remains committed to protecting its customers’ interests and ensuring the continued growth and development of the digital asset ecosystem.

The recent developments surrounding Binance.US and its response to the SEC demonstrate the exchange’s unwavering commitment to its customers and the digital asset industry. Customers are urged to take appropriate action with their USD holdings in response to the SEC’s aggressive tactics as early as June 13, 2023.

Meanwhile, Binance’s native token BNB has continued to struggle on the market. The digital asset crashed over 10% when the SEC first announced its lawsuit and has seen mounting selling pressure since. It is currently trading at a price of $262.76, down 0.86% in the last 24 hours.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Bitcoin ETF Madness: The Wild Ride to $30k and Back

Bitcoin surged to a record high of $30k due to speculation over a fake spot ETF approval, causing a stir in the market.


Charlie Munger Calls Bitcoin's Rise a Disruptive Threat to Traditional Finance, Billionaires Start Sweating

Fashion icon Charlie Munger has once again spoken out against Bitcoin, stating that the virtual currency poses a majo...


Binance & Deribit traders shorting Bitcoin aggressively, squeeze expected.

Recent data reveals a notable increase in Bitcoin shorts on popular cryptocurrency exchanges such as Binance and Deri...


The Early Days of Cryptocurrency: A Glimpse into Satoshi Nakamoto’s Mind

One of the first collaborators of Satoshi Nakamoto, Martti Malmi, has recently shared a valuable collection of 120 pa...


Conversation with the founder of Blur Why haven't NFTs disappeared yet?

In this episode of Blockcrunch Podcast, we have invited Blur's founder Tieshun to talk about why NFT hasn't disappear...


Former Google gaming head says AI is a powerful tool for developers to revolutionize gaming.

Ryan Wyatt, the highly accomplished former global head of gaming partnerships at Google and former head of gaming at ...