Binance.US stopped accepting deposits in US dollars

Binance.US stopped accepting deposits in US dollars

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Author: Robert Strickland (crypto-journalist)
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Binance.US stopped accepting deposits in US dollars
Binance US stops accepting US dollar deposits
Banking partners of the U.S. crypto exchange will stop making payments in dollars because of the SEC lawsuit

The team at Binance.US, the U.S. unit of the Binance exchange, announced on the evening of June 8 that the platform is suspending the acceptance of U.S. dollar deposits. The exchange said the "frivolous" SEC lawsuit had "caused problems" for the banks it works with.

The regulator sued Binance, Binance.US, and their founder Changpeng Zhao on June 5, accusing the defendants of violating securities laws. The SEC also alleges that the two platforms mixed assets and that the global company remotely operated Binance.US and influenced its business without the authority to do so.

On June 6, a day after filing a lawsuit in which the regulator also accuses Zhao of misusing customer funds, the SEC asked the court to order a blocking order on the assets of Binance US in order to safeguard user funds. That request is scheduled to be heard on June 13.

According to a June 8 announcement from Binance.US, its banking partners will stop processing dollar payments the day the court hearing on the platform's asset freeze is held.


The exchange advised customers to withdraw USD by bank transfers and warned that due to increased volumes and bank closures over the weekend, processing such payments may take longer than usual.

Binance.US also said it will begin removing dollar trading pairs (such as BTC/USD), while continuing to support stablecoin pairs (such as BTC/USDT). The platform will temporarily switch to cryptocurrency-only operations. Cryptocurrency trading, stacking, deposits, and withdrawals will operate as usual.

On June 7, Binance.US announced that it would close trading in 40 currency pairs at once, most of which were in Tether stack coin (USDT), and over-the-counter trading. The platform later reversed its decision and announced the removal of only 10 trading pairs out of the previously named 40. According to the list on the platform's website, USDT pairs will not be removed.

 

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