Binance.US says users should withdraw USD as soon as possible as the U.S. SEC engages in “extremely aggressive and intimidating tactics” against the crypto exchange. Binance.US said it would transition to an all-crypto exchange starting June 13 due to SEC pressure. While FIAT transactions will be suspended, the exchange clarified that trading, staking, deposits, and cryptocurrency withdrawals would continue without interruption.
Binance.US says some payment partners and banks have already announced they will no longer process USD payments for the crypto exchange.
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. http://Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.
Binance.US on Twitter
To facilitate this transition, USD deposits will be suspended from June 9, and USD-based trading pairs will be delisted shortly afterward. Binance.US expressed its willingness to reach a productive compromise that would foster a thriving digital asset marketplace in the United States. The exchange also stated its commitment to vigorously defend itself, its customers, and the industry against what it considers to be baseless attacks from the SEC.
Despite these developments, Binance‘s native token, BNB, remains relatively stable at $260.24. However, it has experienced a 15% decline over the past week. The SEC filed for a temporary restraining order to freeze specific assets connected to Binance.US, and both parties are scheduled to appear in court on June 13, coinciding with the day of Binance.US’s transition to an all-crypto exchange.
In addition to the enforcement action, the SEC has accused Binance of channeling $12 billion to companies controlled by CEO Changpeng Zhao (CZ). Both CZ and Binance have denied these allegations.
