Following regulatory crackdown in the US, Binance.US is forced to become a platform exclusively dedicated to cryptocurrencies. US users will no longer be able to use dollars on the platform due to the suspension of payment channels by banking partners. This radical decision stems from the SEC’s lawsuit against Binance and its affiliates.
Binance.US excludes USD transactions for US users
Whereas accusations against CZ and its empire intensify in the U.S, Binance.US is forced to become an exchange exclusively dedicated to cryptocurrencies. The platform’s banking partners have announced that they will no longer facilitate transactions in US dollars.
This Friday morning, Binance.US informed its users that all USD payment channels will be closed by June 13. As a result, USD deposits and recurring buy orders will be suspended.
In addition, next week, Binance.US will remove USD trading pairs from its platform. USD balances on Binance.US after June 15 will be converted to stablecoin, in accordance with the exchange. However, cryptocurrency trading, staking, as well as crypto deposits and withdrawals will remain functional on the platform.
Binance.US calls on users to withdraw USD before June 13
To avoid any inconvenience, the platform urges users to withdraw their USD balances by bank transfer before the deadline. However, Binance.US warns that due to the expected high volume of applications and bank closures over the weekend, delays in processing withdrawals are to be expected.
Binance.US insists on the temporary nature of the transition to a crypto-only exchange until new banking partners can be found.
Despite ongoing legal action by the CFTC, the SEC recently accused Bnance as well as its CEO, Changpeng Zhao, for mismanagement of customer funds.
This situation is certainly a blow to Binance.US, which loses the ability to allow its users to convert their traditional money into cryptocurrencies. However, the platform is keeping its cool and will strive to pull through. It’s worth remembering that Binance isn’t the only crypto company to face a crackdown from US regulators, Coinbase is also being sued by the SEC.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
