Binance.US Suspends All USD Deposits Following SEC lawsuit

In an unprecedented move, @BinanceUS, one of the leading cryptocurrency exchanges in America, has announced a suspension of USD deposits and potential fiat (USD) withdrawal pause, effective from June 13, 2023. The reason? The SEC’s “extremely aggressive and intimidating tactics” in what Binance.US calls an ideological campaign against the American digital asset industry.

Suspension of USD Deposits: Binance.US Takes a Stand

With an unwavering focus on customer protection, Binance.US issued a statement on Twitter to clear the air as they are taking proactive steps to ensure the safety of its users and platform.

They will temporarily transition to a crypto-only exchange, maintaining 1:1 reserves for all customer assets. While withdrawals may experience temporary delays due to high volumes and weekend bank closures, trading, staking, and crypto-related activities remain fully operational!

However, Binance.US firmly emphasizes its commitment to defend customers, themselves, and the industry against what they consider “meritless attacks” by the SEC. This battle is far from over! The exchange remains open to a productive compromise that paves the way for a thriving digital asset marketplace in America.

Also Read: Binance Faces Scrutiny as DOJ Probes Alleged False Statements and Compliance Concerns

Investor advice 

The clash between Binance.US and the SEC marks a pivotal moment in the crypto industry. All eyes are on this epic showdown between an industry giant and the regulatory heavyweight. As the fight intensifies, the fate of the American digital asset landscape hangs in the balance.

The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY

— Binance.US 🇺🇸 (@BinanceUS) June 9, 2023

Final thoughts 

As the battle rages on, the crypto world awaits the resolution of this gripping conflict, which will undoubtedly have far-reaching implications for the industry’s future. Binance.US’s decision to take a stand against the SEC’s aggressive tactics solidifies its position as a defender of its customers and the American digital asset ecosystem, paving the way for a potentially transformative chapter in the crypto landscape.

Do you think this conflict between Binance.US and the SEC will have a broader impact on the global cryptocurrency market? If so, how? Tell us.