Binance.US, the United States-based unit of cryptocurrency exchange Binance, has recently suspended dollar withdrawals from its platform. This move comes after the ongoing legal battle with the US Securities and Exchange Commission (SEC). 

Binance.US Adjusts Services

According to a Reuters report, Binance.US customers can no longer directly withdraw US dollars from their accounts. Instead, they must convert their dollar funds to stablecoins or other digital assets, which can be withdrawn. 

This move effectively transitions Binance.US into a crypto-only exchange, restricting the deposit and withdrawal of fiat currency. In early June, Binance.US suspended dollar deposits following the SEC’s request to freeze its assets. 

The regulatory agency filed a lawsuit against Binance and its CEO, Changpeng Zhao, accusing them of deceptive practices, market manipulation, and misappropriation of customer funds. 

Moreover, the SEC alleged that Binance had engaged in a “web of deception,” including artificially inflating trading volumes.

Per the report, Binance.US’s decision to halt dollar withdrawals was prompted by its banking partners, indicating a reduction in business activities amid the regulatory scrutiny. 

The SEC’s aggressive approach and allegations against the largest exchange in the world have created challenges for the company’s relationship with financial institutions.

Closer To Potential Settlement With SEC?

Binance.US has been active

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Author: Ronaldo Marquez

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