Following SEC's lawsuit, Binance.US is taking action to "protect <...> customers and platform."
As the dust settles from regulatory confrontations, Binance.US was forced to cease its US dollar transactions and brace for the impending cessation of its fiat (USD) withdrawal operations by June 13th.
The United States Securities and Exchange Commission (SEC), known for its stringency, employed what Binance.US terms "extremely aggressive and intimidating tactics" to exert control.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How to Invest in Crypto: 6 Rewarding Strategies (Animated)
In response to these maneuvers, the crypto platform was propelled to suspend USD deposits as a necessary step to ensure the safety of its clientele and the integrity of its trading platform.
Effective June 9th, USD deposits have been frozen, with USD trading pairs set to follow suit by being delisted in the following week. However, the platform remains committed to supporting Tether (USDT) trading pairs.
This upheaval comes on the back of Binance.US delisting ten trading pairs, including eight Bitcoin (BTC) pairs and two BUSD pairs, on June 8th. It is worth noting that initially, Binance.US delisted over 80 USDT pairs. However, it appears that ever since the company has changed its mind.
Moving forward, the platform revealed its ambition to morph into a crypto-only exchange while guaranteeing a 1:1 ratio for its customers' holdings. However, Binance.US has not shied away from cautioning users about potential processing downtime in the future. This anticipated interruption could be attributed to an influx of transactions or unexpected bank closures during weekends.
While fiat transactions face uncertainty, the company confirmed that its crypto-related services remain fully functional. These services include crypto trading, staking, deposits, and withdrawals.
Following the SEC's lawsuit against Binance, Binance.US, and Changpeng Zhao, the SEC issued an emergency directive to freeze Binance.US's assets on June 6th.
As the regulatory storm rages, Binance.US's dramatic shift towards crypto-only operations and the halt of its USD transactions exemplify the adaptability of crypto platforms in this evolving financial landscape.
