Binance.US Temporarily Suspending USD Deposits and Fiat Withdrawals Amid SEC’s Aggressive Tactics

Binance.US, the American digital asset exchange, has announced the suspension of USD deposits and the imminent pause of fiat (USD) withdrawal channels starting from June 13, 2023. This decision is a response to what Binance.US claims to be aggressive and intimidating tactics employed by the U.S. Securities and Exchange Commission (SEC) in its campaign against the American digital asset industry. Binance.US states that these tactics have presented challenges for their banking partners. The exchange advises its customers to take appropriate action with their USD and assures them that their assets are backed by 1:1 reserves. Binance.US emphasizes that trading, staking, deposits, and withdrawals in cryptocurrency will continue unaffected.

While Binance.US expresses openness to finding a productive compromise for a thriving digital asset marketplace in the United States, it also asserts its intention to vigorously defend itself, its customers, and the industry against what it deems as baseless attacks from the SEC. In the meantime, Binance.US plans to temporarily transition to a crypto-only exchange model, prioritizing the protection of its customers and platform while navigating these challenges. The exchange suggests that any delays in withdrawal processing may be due to high volumes and weekend bank closures, and it reassures customers that its crypto operations will remain fully functional.