Binance.US revealed the discontinuation of US dollar deposits and informed its users of an upcoming halt to fiat (USD) withdrawal channels starting as soon as June 13.
On June 9, Binance US declared that the US Securities and Exchange Commission had used “extremely harsh and threatening methods” against it, forcing Binance US to take measures.
The business declared that it has halted USD deposits in an effort to protect its users and exchange. Binance.US also alerts customers that “before June 13, 2023, our affiliated banks plan to stop providing fiat (USD) withdrawal methods.”
The business also said it intended to switch to a crypto-only exchange while keeping a 1:1 ratio for client funds.
The notification also advised that future processing delays “may be caused by higher volume and weekend bank closures.”
Apart from this, it confirmed that cryptocurrency staking, trading, withdrawals and deposits are still fully functional.
In response to the SEC’s “ideological attack on the crypto sector,” the company asserted that Binance.US and its banking partners had faced increased challenges. These financial institutions have shown a desire to cut off fiat access to the exchange.
The company announced that USD deposits would be stopped as of June 9 and that USD trading pairs would be pulled off the market the following week.
However, tether trading pairs would still be supported on the platform. Any USD that was still on the exchange could be turned into a stablecoin that could be withdrawn on-chain, according to the statement.
On June 8, the Binance.US removed eight Bitcoin pairs and noted that OTC Trading Portal services had been suspended. Early in May, BTC traded at a premium on the American exchange.
On June 6, the SEC published an urgent order to freeze Binance.US’s assets. The next day, the business informed users that their assets were secure and noted that withdrawals and deposits continued to work normally on the exchange.
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