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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?
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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Binance.US Suspends USD Deposits And Withdrawals Amid SEC Pressure

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Binance

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Binance.US, in response to the aggressive tactics employed by the Securities and Exchange Commission (SEC) in its ideological campaign against the American digital asset industry, on its official Twitter handle has announced the suspension of USD deposits and impending fiat (USD) withdrawal pause.

The exchange cites the need to protect its customers and platform amidst the challenges created by the SEC’s actions. While transitioning to a crypto-only exchange temporarily, Binance.US  assures its customers of maintaining 1:1 reserves for all customer assets, with crypto-related services remaining fully operational.

Binance Prioritizing Customer Protection And Defending the Digital Asset Industry

Binance.US’s proactive steps aim to prioritize customer interests and ensure the security of their assets. The suspension of USD deposits and notification regarding the impending pause in fiat withdrawal channels come as a defensive measure to address the challenges posed by the SEC’s aggressive tactics. The exchange encourages its customers to take appropriate action with their USD holdings in light of these developments.

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Despite the temporary suspension of USD-related services, Binance.US emphasizes that trading, staking, deposits, and withdrawals in cryptocurrencies will continue to operate without interruption. The exchange assures its customers that any potential downtime in processing withdrawals may be attributed to elevated volumes and weekend bank closures.

​”​Our priority is, and has always been, our customers. We are taking these proactive steps as we–for a time–transition to a crypto-only exchange,” the exchange said. “To be clear, we maintain 1:1 reserves for all customer assets. Any downtime in processing withdrawals may be the result of elevated volumes and weekend bank closures. Moreover, trading, staking, deposits and withdrawals in crypto remain fully operational.”

Binance Coin (BNB) price chart from TradingView.com

BNB struggles to hold above $260 support | Source: BNBUSD on TradingView.com

While Binance.US expresses openness to a productive compromise that enables a thriving digital asset marketplace in America, it vows to vigorously defend itself, its customers, and the industry against what it considers meritless attacks by the SEC. The exchange remains committed to protecting its customers’ interests and ensuring the continued growth and development of the digital asset ecosystem.

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In conclusion,  the recent developments surrounding Binance.US and its response to the Securities and Exchange Commission (SEC) demonstrate the exchange’s unwavering commitment to its customers and the digital asset industry. Customers are urged to take appropriate action with their USD holdings in response to the SEC’s aggressive tactics as early as June 13,2023.

Meanwhile, Binance’s native token BNB has continued to struggle in the market. The digital asset crashed over 10% when the SEC first announced its lawsuit and has seen mounting selling pressure since. It is currently trading at a price of $262.76, down 0.86% in the last 24 hours.

Featured image from BBC, chart from TradingView.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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