In a move to safeguard its customers and platform from the aggressive tactics employed by the U.S. Securities and Exchange Commission (SEC), Binance.US, a prominent cryptocurrency exchange, has announced the suspension of USD deposits. Furthermore, the company’s banking partners are preparing to temporarily pause fiat (USD) withdrawal channels starting as early as June 13, 2023. These measures have been implemented to mitigate the challenges posed by the SEC’s relentless pursuit of its ideological campaign against the American digital asset industry.
The SEC’s actions have caused significant disruptions and complications for businesses operating in the digital asset space, and Binance.US and its partners have not been exempt from these challenges. To ensure customer protection and maintain operational stability, the exchange has made the decision to transition to a crypto-only exchange, at least for the time being. It is important to note that Binance.US maintains 1:1 reserves for all customer assets, emphasizing their commitment to the security and integrity of user funds.
While the temporary suspension of USD deposits and potential downtime in processing withdrawals may arise due to increased volumes and weekend bank closures, Binance.US has made it clear that trading, staking, and deposits and withdrawals in cryptocurrencies will continue without interruption.
Despite the obstacles posed by the SEC, Binance.US remains open to finding common ground that fosters a thriving digital asset marketplace in the United States. The company intends to vigorously defend itself, its customers, and the industry against what it deems as meritless attacks from the regulatory body.
In a notice to its customers, Binance.US highlights the SEC’s attempt to impede the use of digital assets such as Bitcoin. By utilizing aggressive and intimidating tactics, the regulatory agency has created difficulties for individuals and businesses involved in the digital asset industry. Binance.US stands with its customers and expresses solidarity with the wider community affected by the SEC’s actions.
As the battle between Binance.US and the SEC unfolds, the outcome will undoubtedly have significant implications for the American digital asset industry. The exchange’s decision to temporarily suspend USD deposits and transition to a crypto-only model underscores the challenges faced by businesses in navigating the regulatory landscape and adapting to the evolving regulatory environment.