SEC ordered Binance.US to freeze assets on June 6.
Binance.US cut off USD deposits and raises concern over the coming fiat withdrawal pause.
Binance.US, one of the leading cryptocurrency exchanges in the United States, has recently announced the suspension of USD deposits and issued a warning regarding an upcoming withdrawal pause. The decision comes as Binance.US aims to safeguard its customers and the platform from what it describes as “extremely aggressive and intimidating tactics” employed by the U.S. Securities and Exchange Commission (SEC).
By temporarily halting USD deposits, Binance.US aims to prevent potential disruptions and ensure the protection of its users’ funds. This move reflects the exchange’s commitment to maintaining a secure and reliable trading environment, even amid regulatory challenges.
Further, Binance.US has alerted its customers about an upcoming “pause in fiat (USD) withdrawal” services, with their banking partners expected to begin this pause as early as June 13, 2023.
Binance.US Alarmed Its Users
On June 6, the SEC issued an immediate order to freeze the assets of Binance.US. However, the very next day, Binance.US released a statement to reassure its customers that their assets remained secure. Despite the SEC’s order, Binance.US affirmed its commitment to maintaining normal operations and ensuring the safety of its users’ funds.
Further, the suspension of USD deposits starts on June 9, and in the following week, USD trading pairs will be delisted. However, the exchange will continue to facilitate trading for USDT (Tether) pairs. Further, any remaining USD balances on the platform can be converted into a stablecoin. That enabling users to withdraw funds on-chain in the form of the stablecoin. Moreover, Binance.US remains committed to providing a secure and user-friendly platform for cryptocurrency trading.