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Binance.US suspends US dollar deposits, to pause fiat withdrawal channels

Binance.US, a popular cryptocurrency trading platform founded by Changpeng Zhao, CEO of Binance, recently announced the suspension of US dollar deposits. This decision was made to protect their customers amid increasing regulatory pressure. On Friday, the platform took to Twitter to notify its users of the upcoming break in fiat withdrawal channels with its banking partners, which will go into effect as early as June 13.

Binance.US’ move follows a lawsuit filed by the US Securities and Exchange Commission (SEC) on Monday. The SEC accused the entities Binance and Changpeng Zhao of engaging in the offering and sale of unregistered securities. In response to these accusations, Binance.US tweeted that the SEC had used aggressive and intimidating tactics as part of an ideological campaign against America’s digital asset industry. The platforms stated that they and their business partners were also subjected to this tactic, posing a challenge for the banks with which they work.

Despite regulatory hurdles, Binance.US assures its users that trading, staking, and deposits and withdrawals involving cryptocurrencies will continue unaffected. However, the platform will soon remove the US dollar trading pair, although it plans to continue supporting stablecoin pairs.

In separate action taken against Binance, the SEC asked a federal judge on Tuesday to freeze the assets of Binance.US. In response to this development, Binance.US immediately tweeted to reassure users that their assets remain safe and have not been affected by the situation.

This series of events demonstrates the intensifying regulatory landscape surrounding the cryptocurrency industry in the United States. Binance.US’ decision to suspend US dollar deposits is a proactive measure aimed at ensuring the safety and protection of its valued customers. While facing challenges and scrutiny from the authorities, Binance.US remains committed to providing a fully operational platform for trading, betting, and cryptocurrency transactions. As the situation develops, it is important that users stay informed and monitor further updates from Binance.US regarding developments in these regulations.

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