Crypto exchange Binance U.S. recently made an important announcement regarding the temporary halt of U.S. dollar deposits. Furthermore, the platform has informed its valued customers about an upcoming pause in fiat (USD) withdrawal channels, which is expected to take effect as early as June 13.
The Binance U.S. explained that it had to respond due to the United States Securities and Exchange Commission’s “extremely aggressive and intimidating tactics.”
In order to safeguard its customers and platform, the company has taken the step of temporarily halting USD deposits. Additionally, Binance.US has taken the initiative to inform its customers that their banking partners are making preparations to temporarily halt fiat (USD) withdrawal channels, with the anticipated start date being June 13, 2023.
In addition, the company expressed its intention to shift towards becoming a crypto-only exchange while assuring customers that their assets would be maintained at a 1:1 ratio.
The notice further advised that potential delays in processing withdrawals in the future could be attributed to increased volume and weekend bank closures. The company reassured users that trading, staking, as well as crypto deposits and withdrawals, continue to operate without any disruptions.
Due to the SEC’s alleged “ideological campaign against the American digital asset industry,” Binance.US and its banking partners have encountered mounting difficulties, according to the company. The banking partners have indicated their intention to discontinue providing fiat on-ramps to the exchange.
Effective June 9, the company declared that USD deposits would be temporarily suspended, and the delisting of USD trading pairs would take place in the following week. Nevertheless, it assured users of continued support for USDT trading pairs. The company also mentioned the possibility of converting any remaining USD on the exchange into a stablecoin, which can be withdrawn on-chain.
On June 8, Binance.US made the decision to delist a total of ten trading pairs. This included eight BTC pairs and two BUSD pairs. Additionally, the company temporarily paused its OTC Trading Portal services. Notably, there was a premium observed in the trading of BTC on the U.S. exchange in early May.
