Binance.US Announces Temporary Suspension of USD Deposits and Withdrawals

Since Binance has been charged by the Securities and Exchange Commission (SEC), Banking partners of Binance.US has received a warning from Binance.US, which is that they need to prepare to pause fiat (USD) withdrawal channels. Binance.US has posted the notice on Twitter today.

Binance.US, a leading digital asset exchange, is taking precautionary measures to protect its customers and platform by temporarily suspending USD deposits. The company has also notified its customers that its banking partners are preparing to pause fiat (USD) withdrawal channels, potentially starting from June 13, 2023. Binance.US advises its customers to take appropriate action regarding their USD holdings during this period.

These actions have been necessitated by the recent aggressive and intimidating tactics employed by the U.S. Securities and Exchange Commission (SEC) in its ongoing campaign against the American digital asset industry. Unfortunately, Binance.US and its business partners have not been exempt from these tactics, resulting in challenges for the banking partners.

Binance.US wants to assure its customers that it maintains 1:1 reserves for all customer assets. Any delays in processing withdrawals may be attributed to higher-than-usual volumes and weekend bank closures. It's important to note that trading, staking, deposits, and withdrawals in cryptocurrencies on the platform are unaffected and continue to operate normally.

While Binance.US remains committed to finding a productive compromise that fosters a thriving digital asset marketplace in the United States, it will vehemently defend itself against the baseless attacks from the SEC.