Breaking: Binance.US Takes Bold Action - Suspends USD Deposits and Issues Fiat Withdrawal Pause Notice

Binance.US has stated that these actions are a result of their commitment to safeguarding customers and the platform in response to the SEC's "highly forceful and daunting tactics."

Binance.US confidently announced the suspension of United States dollar deposits and proactively informed its valued customers about an upcoming temporary halt to fiat (USD) withdrawal channels starting as early as June 13.

Taking decisive action, Binance.US has responded to the United States Securities and Exchange Commission's "extremely aggressive and intimidating tactics" in a manner that prioritizes the safety and well-being of its customers and the integrity of its platform.

To ensure the utmost protection for its users, Binance.US has taken the step of suspending USD deposits. Additionally, the company is diligently notifying customers that its banking partners are making preparations to temporarily pause fiat (USD) withdrawal channels, with the intended start date being June 13, 2023.

The company confidently announced its plans to transition to a crypto-only exchange while maintaining a 1:1 ratio for customer assets. It assured customers that trading, staking, deposits, and withdrawals in crypto are fully operational.

The notice explained that any potential downtime in processing withdrawals in the future could be attributed to elevated volumes and weekend bank closures, emphasizing that it will not affect the overall functionality of the exchange.

Binance.US acknowledged the increasing challenges it and its banking partners have faced due to the SEC's "ideological campaign against the American digital asset industry." Consequently, the company's banking partners have indicated their intention to sever fiat on-ramps to the exchange.

To align with this decision, the firm announced the suspension of U.S. dollar deposits as of June 9, along with the delisting of USD trading pairs in the coming week. However, it emphasized that Tether trading pairs will continue to be supported. The company mentioned that any remaining USD on the exchange may be converted into a stablecoin, allowing for on-chain withdrawals.

On June 8, Binance.US delisted eight Bitcoin pairs and two BUSD pairs, while temporarily pausing its OTC Trading Portal services. It is worth noting that BTC traded at a premium on the U.S. exchange in early May.

Regarding recent events, the SEC issued an emergency order on June 6 to freeze the assets of Binance.US. The company promptly reassured its customers that their assets remained safe, emphasizing that the platform remains fully operational with normal deposit and withdrawal functionality.

Cointelegraph previously reported on the challenges Binance.US faced in securing banking partners back in April, shedding light on the ongoing efforts to navigate the regulatory landscape.