Binance.US Announces Suspension of USD Deposits and Withdrawals from June 13th

Binance US has announced that it will suspend USD deposits and withdrawals, as early as June 13.

The suspension comes as a result of the recent charges brought against Binance by the Securities and Exchange Commission (SEC). The US regulatory body alleges that Binance operated in the US without a license, facilitated wash-trading, and co-mingled customer funds. A total of 13 charges were brought against Binance.

In a Twitter post, Binance US expressed concerns about the aggressive tactics employed by the SEC and highlighted the impact on their banking partnerships.

The move to suspend USD deposits and withdrawals aims to protect Binance US customers and its platform. According to the announcement, the exchange’s banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. Binance US advises its customers to take appropriate action with their USD holdings during this transition period.

Binance US reassured its user base that maintaining the security and integrity of customer assets remains a top priority. The exchange claims to uphold 1:1 reserves for all customer assets, ensuring that funds are securely held. Any potential delays in withdrawal processing are attributed to elevated volumes and weekend bank closures, emphasizing that trading, staking, deposits, and withdrawals in cryptocurrencies will continue to operate without interruption.

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While Binance US acknowledges the importance of regulatory compliance, it strongly criticizes the SEC’s approach, describing it as “extremely aggressive and intimidating tactics” in pursuit of an “ideological campaign” against the American digital asset industry. The exchange asserts that it and its business partners have faced challenges due to these tactics, particularly affecting relationships with banks.