Binance US Moves to Crypto-Only Operations Amid Intensive SEC Review

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Under increasing pressure from the Securities and Exchange Commission (SEC), the American subsidiary of Binance has taken a drastic decision affecting its customers.

Binance.US announced Thursday evening that it will suspend dollar deposits on its platform. Likewise, it informed its customers that banking partners are preparing to temporarily stop the fiat (USD) withdrawal channels as of next Tuesday.

Regardless of the baseless claims, and in light of the Commission’s increasingly aggressive tactics, our payment and banking partners have signaled their intent to suspend USD fiat channels as of June 13, 2023, strengthening our ability to accept fiat deposits in USD and to process fiat in USD. withdrawals will be impacted, the exchange wrote. As part of our customer-focused commitment, we quickly notify users so you can take the necessary steps when transitioning to a crypto-only exchange.

Customers are encouraged to withdraw their USD via wire transfer (ACH) by June 13, 2023. To facilitate this process, Binance is suspending USD deposits and recurring buy orders.

Starting next week, Binance will begin removing USD trading pairs, while continuing to support stablecoin pairs.

Any remaining USD balances on the platform after June 15, 2023 can be converted into an on-chain withdrawable stablecoin.

Nevertheless, the company has confirmed that crypto trading, staking and withdrawal operations will continue.

It is unclear at this time whether these changes will be permanent. Until we secure more stable banking partners, Binance.US will remain a crypto-only exchange at least for some time, the company wrote.

On June 5, the SEC accused the company of allegedly violating US securities laws, while Binance CEO Changpeng Zhao is also targeted in the lawsuits filed by the agency.

On Wednesday, Binance.US had already announced the removal of more than 40 cryptocurrency trading pairs currently available on its platform.

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