TechFlow news — On June 9, Binance.US tweeted that the U.S. digital asset industry is under aggressive and intimidating pursuit by the SEC (U.S. Securities and Exchange Commission), describing this as an ideological war. Binance.US and its business partners have not been spared from these tactics, which has created challenges with the banks we work with.
As a result, to protect our customers and platform, we are today pausing USD deposits and notifying customers that our banking partners will suspend fiat (USD) withdrawal channels on or before June 13, 2023. We encourage customers to take appropriate actions regarding their USD holdings.
Our top priority remains the best interest of our customers. While we temporarily shift toward supporting only cryptocurrency trading, we are taking proactive steps. Importantly, we maintain 1:1 reserves for all customer assets. Any withdrawal processing delays may be due to high transaction volumes and weekend bank closures. Meanwhile, cryptocurrency trading, staking, deposits, and withdrawals remain fully operational.
While we remain open to constructive compromise to foster a thriving digital asset market in the United States, Binance.US will continue to vigorously defend ourselves, our customers, and the industry against the SEC’s baseless attacks.
