Binance.US has halted dollar deposits to stop the flow of foreign currency

On Friday, Binance.US, the cryptocurrency trading platform set up by Binance CEO Changpeng Zhao to service U.S. consumers, said that it has blocked U.S. dollar deposits to “protect customers” in the face of mounting regulatory pressure.

Binance informed its customers through Twitter that it will temporarily suspend fiat withdrawal routes with its financial partners beginning June 13.

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance businesses and Zhao on Monday for suspected unregistered offers and sales of securities, prompting this response from Binance.

Binance.US said on Twitter that the SEC has been “extremely aggressive and intimidating” in its pursuit of an ideological crusade against the American digital asset market. There have been difficulties for the banks we operate with because “Binance.US and our business partners were not spared in using these tactics.”

The platform stressed that all cryptocurrency-related services, including trading, staking, depositing, and withdrawing, are still available.

The U.S. platform has announced that it will no longer accept dollar trading pairs from next week but will keep stablecoin pairings active.

On Tuesday, the SEC took further steps against Binance by asking a federal court to seize Binance.US’s assets. Following this, on Tuesday, Binance.US assured its users that their funds “remain safe and secure.”

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