Binance.US suspends USD deposits, warns of fiat withdrawal pause

09 Jun 2023

Binance.US has announced the suspension of U.S. dollar deposits and has notified its customers of an incoming pause to fiat (USD) withdrawal channels as early as June 13, CoinTelegraph reports. 

On June 9, Binance.US announced that it was forced to take action amid “extremely aggressive and intimidating tactics” from the United States Securities and Exchange Commission.

The firm noted that, in an effort to protect its customers and platform, it is suspending USD deposits. Furthermore, Binance.US is “notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023."

As a result of the SEC’s “ideological campaign against the American digital asset industry,” Binance.US and its banking partners have faced increasing challenges, it said. Those banking partners have signaled their intent to sever fiat on-ramps to the exchange.

USD deposits will be suspended as of June 9 and USD trading pairs will be delisted next week, the firm stated, however, it will continue to support USDT $1.00 (Tether) trading pairs. It stated that any USD left on the exchange may be converted into a stablecoin that can be withdrawn on-chain.