Binance US suspends fiat deposits while exchange should be cut off from banking system

Binance US a suspended the deposits at fiat and invited his customers à remove their dollars from its platform. Its banking partners are preparing to suspend withdrawal channels at USD.

The American branch of the Binance empire announced this Friday suspend dollar deposits on its platform in order to protect its users.

The SEC has begun using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the US crypto industry. Binance US and our trading partners have not been spared in the use of these tactics, which has created challenges for the banks we work with,” explained the crypto exchange.

Binance US added that its banking partners were preparing to suspend fiat withdrawal channels (USD) from June 13, 2023. “We encourage customers to take appropriate action with their USD,” the company said.

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

The announcement follows the complaint filed by the SEC earlier this week against Binance. The U.S. securities regulator has accused the crypto conglomerate and its founder-CEO of misappropriating customer funds to finance investments. It is now seeking to freeze the assets of its US subsidiary.

Our priority is and always has been our customers. We are taking these proactive steps as we transition – for a time – to a crypto-only exchange. To be clear, we maintain 1: 1 reserves for all customer assets,” Binance US concluded, making it clear that it intended to defend itself well against the SEC’s “baseless” attacks.

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