Good day, fellow Internet Patrollers! Today, we’ve got news from the realm of cryptocurrency, and it’s making quite a splash. Binance.US, the American subsidiary of the world’s largest cryptocurrency exchange, Binance, has suspended U.S. dollar deposits in anticipation of its banking partners ceasing transactions. This drastic action comes on the heels of a lawsuit launched by the Securities and Exchange Commission (SEC) earlier this week.
Binance.US has urged its customers to withdraw their U.S. dollars from the platform or convert them into cryptocurrency following an emergency action by the SEC to freeze the exchange’s U.S. assets. The exchange has forewarned that its banking partners are poised to stop processing transactions.
Here are the salient points:
1. Binance.US has temporarily halted U.S. dollar deposits.
2. The crypto exchange’s banking partners are also set to stop processing withdrawals on behalf of the exchange as early as June 13.
3. Customers unable to make a U.S. dollar withdrawal before the cessation may have their funds converted to a stablecoin.
4. The exchange plans to exclusively use crypto assets for deposits, withdrawals, trading, and staking until it secures new, “more stable” banking partners.
So, what does this mean for Binance.US customers? d
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The decision to suspend U.S. dollar deposits is a preemptive measure, as per Binance.US, to safeguard its customers. The exchange’s banking partners are likely to stop facilitating U.S. dollar withdrawals from the platform from June 13.
The crypto exchange, in a tweet, urged its customers to withdraw their USD through bank transfer (ACH) by June 13, 2023. They also acknowledged that due to high volumes and weekend bank closures, ACH withdrawals might take longer than usual.
In the interim, the exchange assures that customer assets are secure, and operations involving cryptocurrency deposits and withdrawals will continue. Trading and staking services are also expected to remain unaffected.
For those customers who cannot withdraw their U.S. dollars in time, the exchange has proposed converting those funds into a stablecoin, allowing subsequent withdrawal. Furthermore, the delisting of U.S. dollar-denominated trading pairs is anticipated to start from next week.
Earlier this week, the SEC filed a lawsuit against Binance, its founder Changpeng Zhao, and Binance.US, accusing them of operating an unregistered securities exchange. The SEC’s subsequent move to freeze Binance’s assets is reportedly intended to safeguard U.S. investors.
In response, Binance.US has labeled the SEC’s recent actions against Binance, its affiliates, and other industry players, including Coinbase and Bittrex, as “extremely aggressive” and indicative of “a campaign against the American digital asset industry.”
As this situation continues to unfold, we at The Internet Patrol will be here to keep you updated on the latest developments. Stay safe and stay informed, dear readers!
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