The American division of the cryptocurrency exchange Binance announced the imminent shutdown of deposits in US dollars due to the decision of banking partners. This is due to a lawsuit against the stock 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 Binance.US. Therefore, the banking partners of the site cannot process payments in fiat currencies.
“As a result of these actions, in order to protect our customers and the platform, we are suspending USD deposits. Banking partners are preparing to suspend the operation of channels for withdrawing funds in fiat currencies as early as June 13, 2023. We urge all clients to take appropriate steps to withdraw USD 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 may be delayed due to the increased volume of transactions and holidays.
Earlier, SEC Chairman Gary Gensler said that the cryptocurrency market is full of dishonest traders and scammers.
