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Binance.US suspends dollar deposits

Binance.US suspends dollar deposits

Days after the SEC sued it, the US arm of Binance says it is suspending dollar deposits and that its banking partners are preparing to pause dollar withdrawal channels.

In a statement posted on Twitter, the crypto giant says it encourages customers to withdraw their USD via ACH by 13 June, when its banking partners are expected to close channels.

Says Binance.US: "The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry.

"Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work."

The firm says it is therefore becoming a crypto-only exchange until it can secure more stable banking partners.

Earlier this week, the SEC sued Binance and its CEO Changpeng Zhao, alleging a host of securities law violations and accusing the world's largest crypto exchange of engaging in an "extensive web of deception".

The regulator has also filed for a temporary restraining order to freeze certain assets tied to Binance.US.

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