Binance US Halts USD Deposits, Withdrawals — Asks Users to Withdraw Dollars by June 13
Binance US made an announcement
Thursday regarding the suspension of U.S. dollar
deposits and withdrawals following an
“aggressive” enforcement action taken by the U.S.
Securities and Exchange Commission (SEC).
The securities watchdog filed
charges against several Binance entities on Monday. The regulator followed up with an emergency
action application the next day, seeking a temporary restraining order to freeze assets held by Binance US. The SEC also filed
charges against the Nasdaq-listed crypto exchange Coinbase on Tuesday.
In addition, Binance US
informed customers that it will remove select BTC and BUSD advanced trading pairs.
“Any USD balances remaining on the platform after June 15, 2023, may be converted to stablecoin that can be withdrawn on-chain,” Binance US noted, emphasizing that
“Cryptocurrency services remain fully operational, including crypto trading, staking, deposits, and withdrawals.” Moreover, Binance US stressed that it
maintains a 1:1 reserve for all customer assets.
