[NEWS] Binance US temporarily suspends deposits and withdrawals of US dollars, will only support crypto assets for the time being

Binance US, the US subsidiary of the major cryptocurrency exchange Binance, announced on the 9th that it would stop accepting deposits in US dollars and suspend withdrawals on the 13th.

This announcement appears to have been made in response to a notice from a bank affiliated with Binance US that it would also suspend US dollar remittance channels on the 13th. The exchange is urging users to withdraw US dollars by the 13th.

In response to this response, Binance US will delist US dollar-denominated trading pairs. In addition, it is possible that US dollars remaining in customer accounts will be converted into some form of stable coin after the 15th.

Although services related to the US dollar will be temporarily suspended, it will continue to offer trading pairs with stable coins such as Tether (USDT) and USD Coin (USDC).

In its announcement, Binance US said that it will temporarily provide services as an exchange that only supports crypto assets until it secures a new banking partner.

The suspension of USD support is due to a petition by the SEC (U.S. Securities and Exchange Commission) announced on the 6th to freeze assets related to Binance US.

The SEC stated, "Given the defendants' long-standing violations of U.S. law, an emergency injunction is necessary to prevent the dissipation of available assets." It will continue to tighten its grip on Binance and take action as necessary.

According to Binance US, these moves have forced its partner banks to change their approach to the exchange.

Binance US mentioned the recent SEC's response on its official Twitter account, criticizing it as "a very aggressive and coercive approach to the U.S. cryptocurrency industry." It then stated that it would protect its company, users, and the industry from the SEC's unfounded attacks, showing its intention to fight back.

Reference:Announcement
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