Crypto exchange Binance's U.S. arm, Binance.US, has announced that it suspended U.S. dollar (USD) deposits as of June 9 amid the increased crackdown on the exchange from the regulators. The firm also said its banking partners would close USD withdrawal channels on June 13, meaning that the customers will have time until this date to withdraw their funds in USD. The USD trading pairs will be delisted from the exchange next week. - Trading, staking, deposits, and withdrawals in crypto will remain fully operational on Binance.US.
- Binance also announced its plans for a temporary transition to an all-crypto exchange.
- The company added that any USD left on the exchange might be converted into a USD-pegged stablecoin as the platform will continue to support Tether (USDT) trading pairs.
- The move came shortly after the U.S. Securities and Exchange Commission (SEC) filed a 136-page complaint against Binance, the largest crypto exchange by trading volume, and its CEO Changpeng Zhao (CZ) over U.S. law violations with 13 charges.
- The allegations in the complaint include mishandling customer funds, misleading investors and regulators, violating securities laws, creating an extensive web of deception, conflicts of interest, lack of disclosure, wash trading, and calculated evasion of the law.
- The SEC also recently filed an emergency action application for a temporary restraining order, requesting the court to freeze the assets of Binance.US.
Rival crypto exchange Coinbase was also sued by the SEC over alleged U.S. securities law violations, one day after the agency filed a complaint against Binance. - Earlier in June, Binance similarly had to suspend Australian dollar (AUD) deposits and withdrawals in Australia since its local payments services provider, Zepto, stopped supporting the exchange.
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