Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Binance scraps US dollar deposits amid SEC row

Published 09/06/2023, 09:13
Updated 09/06/2023, 09:11
© Reuters Binance scraps US dollar deposits amid SEC row

Proactive Investors - Binance has suspended US dollar deposits and warned users that banking partners will pause fiat dollar withdrawal channels around June 13, amid a row with regulators.

Confirming the move in a tweet on Thursday, Binance described the steps as “proactive” in temporarily becoming a crypto-only exchange amid a legal spat with the US Securities and Exchange Commission.

“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 tweeted.

“Binance will continue to vigorously defend ourselves, our customers, and industry against the meritless attacks of the SEC.”

The SEC filed a lawsuit against Binance on Monday, alleging a host of regulation breaches, including failure to restrict US customers from using the platform.

Followed by action against Coinbase (NASDAQ:COIN) on Tuesday, the SEC’s targeting of the pair comes amid a wider US crackdown on the crypto sector since exchange FTX collapsed late last year.

“We encourage customers to withdraw their US dollars via bank transfer by June 13,” Binance added. “Cryptocurrency services remain fully operational,” meanwhile.

According to federal court filings, the SEC had said it would support a freeze on Binance’s assets, with the two due back in court on June 13.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Misleading article, Binance US and International are different. This impacts Binance US only, which is much smaller.
applies to the the small subsidiary BinanceUS only. Poor article. time you had community notes on here!
Ethiopian dire dawa commercial
https://www.uob.com.sg/business/transact/global-currency-account.page
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.