Binance US Suspends USD Deposits and Withdrawals, Focusing on Stablecoin-Denominated Trading Services

Binance US Abolishes US Dollar

Crypto asset (virtual currency) exchange Binance.US announced on the 9th that it will suspend US dollar (USD) deposits and withdrawals from June 13, 2023. Along with this, Binance.US has indicated a policy to abolish the US dollar (USD)-denominated trading market and move to a platform that only targets virtual currencies.

Binance.US advises customers to withdraw USD by June 13th. We also emphasized that we maintain a 1:1 reserve for all customer assets, and even if there is a delay in USD remittance by ACH, it is due to bank holidays on weekends and increased transaction volume, so as to avoid user confusion. explained to prevent

Regarding the reason for this decision, Binance.US said that “banking partners have announced the suspension of the USD remittance channel after June 13, 2023” after receiving a lawsuit from the U.S. Securities and Exchange Commission (SEC). announced the fact that

Along with this, Binance.US announced that it will delist USD pairs (such as BTC-USD) on its platform from next week, while continuing to support stablecoin pairs (such as BTC-USD). Additionally, any USD balances held in customer accounts after June 15th may be converted into stablecoins.

Binance.US had already announced the delisting of some trading pairs on the 8th.

connection:Binance US Deprecates Some Currency Pairs

Binance.US banking partner

The SEC sued Binance.US on Wednesday, alleging that it operates as an unregistered stock exchange by trading digital assets that qualify as securities on the U.S. market. In addition, it has filed an urgent petition with the district court to request an asset freeze.

Binance.US criticized the SEC lawsuit as “baseless allegations” and called it an “aggressive” and “unjustified” decision. Through its Twitter account, Binance.US said, “We are always open to constructive compromises that enable the development of the digital asset market in America, and we are willing to defend ourselves, our customers, and our customers against the SEC’s baseless attacks. We will continue to defend the industry fiercely,” he said.

According to a FinanceFeeds article on April 10, 2023, Binance.US lost its direct banking ties following the collapse of three banks that had close ties to the cryptocurrency industry.

Negotiations with other banks, including Cross Riverbank and Customers Bancorp, also fell through, forcing the company to store its customers’ funds through banking partners of financial technology firm Prime Trust.

connection:SEC calls for freeze of Binance US assets

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