Binance.US on June 9 announced that it will stop supporting US dollar (USD) deposits, as well as restrict users’ ability to conduct transactions in US dollars. The reason is that its banking partners are also preparing to pause fiat dollar withdrawal channels as early as June 13 after Binance.US was sued by the SEC on June 5.
Binance.US recommends users to withdraw funds by June 13, but warned that due to elevated volumes, withdrawal may take longer than usual to process. From next week, Binance.US will start delisting trading pairs of USD (For example BTC?USD) but still keeping trading pairs of stablecoins (for example BTC/USDT). Any USD left on the exchange may be converted into a stablecoin that can be withdrawn on-chain.
Binance.US affirms that users’ assets are still safe and maintain a 1:1 ratio. In addition, trading, staking, deposits and withdrawals in crypto remain fully operational. While looking for a new banking partner to support USD deposits, the exchange will operate as a pure crypto platform.
Binance.US will continue its legal battle against the SEC, which has accused the exchange of listing a wide range of crypto tokens as securities, including SOL, ADA, MATIC, FIL, ATOM, SAND, MANA , ALGO, AXS, COTI. Coinbase exchange also stated that it will fight against the SEC and maintain normal operations for users.
In the lawsuit, the SEC claimed Binance.US transferred $12 billion of user funds to other companies managed by Binance CEO Changpeng Zhao, seriously violating investor protection regulations. Zhao then denied the allegation, saying that the amount of money on Binance.US at its peak was only $2 billion, so it could not reach $12 billion.
Binance.US on June 7 announced the delisting of 102 crypto trading pairs of USDT, BTC and BUSD. However, after community outcry, the exchange only delisted trading pairs of BTC and BUSD. However, the exchange has suspended the OTC portal.