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.

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