BREAKING: Binance.US Announced Suspension of USD Deposits


Binance.US, one of the main cryptocurrency exchanges in the United States, has recently announced through its Twitter account the suspension of USD deposits. This decision is due to the increasing repression that the United States Securities and Exchange Commission (SEC) is carrying out against the crypto sector in the country.

A strong message from Binance.US

In its message, Binance.US expressed concern about the extremely aggressive and intimidating tactics used by the SEC in its ideological campaign against the digital asset industry in the United States. The company noted that both they and their business partners have been subjected to these tactics, which has created difficulties in relations with the banks with which they work.

Measures to protect customers

In order to safeguard the interests of its clients and the platform in general, Binance.US has decided to suspend USD deposits. In addition, they have notified users that their banking partners are preparing to stop fiat (USD) withdrawal channels as of June 13, 2023. The company urges customers to take the necessary actions regarding their dollar funds. .

Transition to a cryptocurrency-only exchange

Binance.US emphasized that their priority has always been their customers, and as a proactive measure, they are transitioning towards becoming an exclusively cryptocurrency exchange. They clarified that they hold reserves at a 1:1 ratio for all client assets, and any delays in processing withdrawals may be due to high volumes and weekend bank closures. Additionally, trading, staking, and cryptocurrency deposits and withdrawals will continue to work without interruption.

Binance.US Commitment and Notice to Clients

While Binance.US remains open to productive engagement that will enable a thriving digital asset market in the United States, the company has stated that it will vigorously defend its interests, its clients, and the entire industry against unfounded attacks by the SEQ. In this context, a notice was published to customers to keep them informed about the situation and any relevant updates.

A response to regulatory uncertainty

The suspension of USD deposits by Binance.US reflects the increasing regulatory uncertainty facing the crypto sector in the United States. The SEC crackdown has had a significant impact on the industry, and exchanges are taking steps to adapt to this changing environment. Binance.US users will need to take the necessary actions to manage their funds and explore other options available in the cryptocurrency market.

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