Binance.US Announces it is Suspending Deposits in US Dollars

Binance.US has announced the suspension of deposits in dollars on their American division for crypto exchange and recommended customers withdraw their fiat funds by June 13 via the ACH system.

This decision came because of the lawsuit that the U.S. Securities and Exchange Commission (SEC) filed against Binance and its CEO Changpeng Zhao, containing 13 different charges, including the sale of unregistered securities.

In a statement, they criticized the SEC for their extreme and intimidating tactics and their campaign against the American digital asset industry, and noted that this is causing difficulties for their banking partners.

Consequently, Binance.US will delist dollar pairs like BTC/USD and switch to exclusively cryptocurrency trading mode, and will convert any remaining dollar balances of users after June 13 into a stablecoin.

All in all, operations for digital assets, such as deposits, withdrawals, and staking, remain available, but the over-the-counter trading has now been suspended and ten trading pairs were removed in conjunction with Bitcoin and its stablecoin BUSD.