JUST IN: Binance.US Becomes ‘Crypto Only’ Exchange—Suspends USD Transactions

June 9, 2023 10:48 am Comments

I was lucky enough to withdraw my funds from Binance.US and close down my account the night before the Securities and Exchange Commission decided to levy a lawsuit against Binance and Binance.US.

Thursday night, that decision proved prescient. At approximately 10:47 PM EST, I received this email from Binance.US indicating that they are pausing USD deposits and withdrawals by June 13, 2023:

This would shift Binance.US to a ‘crypto only’ exchange and is certain to encourage users to move their funds out of Binance—something I have been warning investors of for the last several months—particularly this last week.

According to one individual, Binance is delisting Quant and all the USD trading pairs.

Additionally, the world’s largest centralized crypto exchange may move to delist other cryptocurrencies and digital assets recently labeled as ‘securities’ by the SEC.

Coin Telegraph confirmed:

The firm noted that, in an effort to protect its customers and platform, it is suspending USD deposits.

Furthermore, Binance.US is “notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.”

The notice also cautioned that any downtime in processing withdrawals going forward “may be the result of elevated volumes and weekend bank closures.”

Fear, uncertainty, and doubt gripped the crypto community, as announcements of an impending embargo on USD withdrawals is also coming to the platform by next week.

Decrypt adds:

On June 5, the SEC accused the company of allegedly violating U.S. securities laws, whereas Binance CEO, Changpeng Zhao, is also targeted in the lawsuits initiated by the agency.

On Wednesday, Binance.US had already announced the removal of over 40 cryptocurrency trading pairs currently available on its platform.

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