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Binance.US Suspends Use of Fiat as Legal Troubles Mount
The exchange says users should withdraw USD as soon as possible as the Securities and Exchange Commission engages in "extremely aggressive and intimidating tactics" against the company.
Binance.US says it's transitioning to an all-crypto exchange as of June 13, citing pressures from the U.S. Securities and Exchange Commission (SEC), which targeted the company with a major enforcement action this week.
In a tweet, the U.S. arm of Binance said it's temporarily transitioning to an all-crypto exchange, and the company said trading, staking, deposits and withdrawals in crypto remain fully operational.
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USD deposits will be suspended as of June 9, and USD-based trading pairs will be de-listed shortly after, the exchange said.
“While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, Binance.US will continue to vigorously defend ourselves, our customers and the industry against the meritless attacks of the SEC,” the exchange tweeted.
Binance's BNB coin remains stable at $260.24. The token, which was accused of being a security by the SEC, is down 15% over the last week.
On Tuesday, the SEC filed for a temporary restraining order to freeze certain assets tied to Binance.US. The two are due back in court on June 13 regarding the matter — the same day Binance.US says it's transitioning to an all-crypto exchange.
The SEC has also accused Binance of directing $12 billion to firms controlled by CEO Changpeng Zhao, a claim that Zhao and Binance both deny.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
