Binance.US Suspends USD Deposits as Bank Partners Shifts Tone

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Binance.US, one of the leading crypto exchanges in the US, has announced the temporary suspension of USD deposits amid reports that its bank partners will pause dollar payments in the coming week.

Binance.US gave the announcement of Twitter, highlighting that the decision comes in the wake of a lawsuit filed by the Securities and Exchange Commission (SEC) against Binance and its CEO, Changpeng ‘CZ’ Zhao.

Notably, the lawsuit filed by the SEC alleges violations of securities laws and accuses the exchange of operating as an unregistered securities exchange.

Binance.US Take Proactive Measures

In response to recent challenges, Binance.US has said it will take proactive measures to prioritize customer interests. As part of this strategy, the exchange will temporarily transition to a crypto-only platform. By focusing solely on cryptocurrencies, the exchange aims to streamline its operations, enhance efficiency, and provide a seamless experience for its user base.

While this transition may entail temporary adjustments, Binance.US highlighted that it aims to optimize its services and offer enhanced support to crypto traders and investors.

Method of Withdrawal

Binance.US has advised customers to initiate ACH withdrawals of USD funds via bank transfer by June 13, 2023, highlighting that prompt action is crucial to ensure a smooth transition and uninterrupted access to funds. 

Additionally, the firm reassures users that customer assets are backed by 1:1 reserves and explains that any delays in processing withdrawals may be due to increased volumes and weekend bank closures. 

Continued Operational Functionality

The firm noted that trading, staking, deposits, and withdrawals in crypto remain fully operational. Users can continue to engage in these activities while benefiting from digital assets and blockchain technology. 

Through this provision, Binance.US strives to provide continuous access to these critical services so that customers can manage their crypto portfolios without interruption.

Delisting USD Pairs

Binance.US has decided to remove USD pairs from its site, including BTC-USD. This decision underscores the exchange’s strategic shift to a crypto-only strategy. By focusing on stablecoin pairs, including BTC-USDT, Binance.US aims to streamline its offerings and enhance the efficiency of its services. 

Meanwhile, in an earlier report, Binance announced its intention to delist major coins from its platform in compliance with financial institutions’ and regulatory agencies’ standards.

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