Binance.US will stop USD deposits, withdrawals, and trading pairs by June 13 due to its banking partners suspending USD services in response to the SEC lawsuit against Binance. The exchange will transition to a ‘crypto-only’ platform until new partners are found.
Binance.US, the US affiliate of the world’s largest cryptocurrency exchange Binance, has announced that it will become a crypto-only exchange for the time being due to the impending suspension of its USD payment channels.
In a blog post on June 9, the exchange stated that its payment and banking partners have decided to halt all USD services by June 13 due to the ongoing regulatory scrutiny of Binance and its related entities by the US Securities and Exchange Commission (SEC).
The SEC has filed a civil enforcement action against Binance and its US affiliates, accusing them of violating securities laws by offering unregistered securities and operating as an unregistered exchange.
Binance.US advised its users to withdraw their USD balances via bank transfer before the deadline, warning that there might be delays in processing withdrawals due to the expected high volume of requests and weekend bank closures.
In addition, the exchange also suspended USD deposits and recurring buy orders and will begin delisting USD trading pairs next week.
The exchange announced that users who still have USD balances on Binance.US after June 15 would have them converted to stablecoin.
Binance.US added that crypto trading, staking, deposits, and withdrawals remain operational and actively seek new banking partners to resume USD services as soon as possible.
The move comes as Binance faces increasing regulatory pressure in several jurisdictions, including the UK, Japan, Germany, and Canada.
The exchange has been accused of facilitating money laundering, tax evasion, market manipulation, and other illicit activities through its platform.
Binance denies any wrongdoing and commits to complying with local laws and regulations. The exchange has also hired former US officials and regulators to bolster its compliance efforts.
The exchange has also invested $200M in Forbes ahead of its SPAC IPO, becoming the second-largest owner in the media company
