Binance.US announced that, impacted by the incident that the platform was sued by the US Securities and Exchange Commission (SEC), it is suspending USD deposits today, and its banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13th, 2023.
Binance.US said that its payment and banking partners have signaled intent to pause USD fiat channels as early as June 13th, 2023. Going forward, Binance.US will transition to a crypto-only exchange. The platform encourages customers to take appropriate action with their USD assets, and noted that it maintains 1:1 reserves for all customer assets. Any potential downtime in processing withdrawals may be the result of elevated volumes and weekend bank closures. Next week, Binance.US will delist USD trading pairs. After June 15th, any USD balance on the platform will be converted to stablecoins.
In addition, Binance.US said trading, staking, deposits and withdrawals in crypto remain fully operational.
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