Article Reading Time:
1 min.
The American division of the cryptocurrency exchange Binance announced the imminent disconnection of deposits in US dollars due to the decision of banking partners.This is due to a lawsuit against the exchange from the SEC.
Recall that the US Securities and Exchange Commission (SEC) sued the Binance exchange and its founder Changpeng Zhao, and later a similar lawsuit was filed against the Coinbase exchange.The regulator also issued an order to freeze the assets of the Binance.US.Therefore, the banking partners of the platform cannotProcess payments in fiat currencies.
"As a result of such actions, in order to protect our customers and the platform, we are suspending USD deposits.Banking partners are preparing to suspend withdrawal channels in fiat currencies as early as June 13, 2023.We urge all customers to take appropriate measures to withdraw US dollars before this date," the exchange said in a statement.
It is also noted that due to such decisions, Binance.US will disable trading in pairs with the US dollar.At the same time, pairs with stablecoins will continue to function.Representatives of the site warned that the withdrawal of fiat funds canTake place with delays due to the increased volume of transactions and weekends.
Earlier, SEC Chairman Gary Gensler said that the cryptocurrency market is full of dishonest traders and scammers.
Read this:
Binance to Suspend USD Deposits and Withdrawals via Wire Transfers
Nansen: Binance is rapidly losing customer deposits
Binance Blocks Deposits And Trading For Singapore Residents
Clients of the OKCoin crypto exchange have lost the ability to make deposits in dollars
KuCoin introduces direct USD deposits from debit and credit cards
Exchanges Binance and Huobi freeze suspicious deposits in FTT tokens