In light of regulatory scrutiny, Binance.US will suspend USD payment channels by June 13
On June 9, Binance.US made an announcement stating that it will temporarily operate as a cryptocurrency-only exchange. This decision follows the suspension of USD channels by its payment and banking partners.
The suspension occurred due to the Securities and Exchange Commission (SEC) lawsuit against Binance and its related entities. The lawsuit alleges violations of securities laws, including operating as an unregistered exchange.
Binance.US informed its users that its banking partners will stop all USD payment channels by June 13. The exchange advised users to withdraw their USD balances through bank transfers before the deadline.
However, they cautioned that there could be delays in processing withdrawals due to the anticipated high number of requests and bank closures during the weekend.
Also Read: CZ Denies Allegations of Binance User Fund Diversion
The exchange has temporarily halted USD deposits and recurring buy orders, and it plans to remove USD trading pairs in the coming week.
After June 15, any remaining USD balances on Binance.US will be converted to stablecoin, as stated by the exchange.
Binance.US clarified that cryptocurrency trading, staking, deposits, and withdrawals are still operational. The exchange will operate solely with cryptocurrencies until it establishes new banking partnerships.
Also Read: Binance US: User Assets Secure, Operations Continue Despite SEC TRO
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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