Binance suspends deposits and withdrawals in dollars in the US due to the dispute with the SEC

Binance suspends deposits and withdrawals in dollars in the US due to the dispute with the SEC

Binance.USone of the main exchanges of cryptocurrenciesmade the decision to suspend temporarily all deposits and withdrawals in dollars while you wait for the next actions of the Commission of Stock Market and Securities of the United States (SEC).

From June 13ththe platform will become exclusively on a cryptocurrency exchange, in the midst of the legal battle he is facing with the SEC. Although the situation is challenging, Binance.US looks forward to continuing to provide the service to its clients.

In a published update June 9the US arm of Binanceone of the most popular crypto asset exchange platforms worldwide, encouraged users to withdraw their funds in dollars by bank transfer before June 13. However, she cautioned that withdrawals may take longer than usual due to high volume.

In his statementBinance.US described the situation as a SEC ideological campaign against the US digital asset industry, using aggressive and intimidating tactics. Despite this, they ensured that client asset reserves They are kept in a 1:1 ratio. As the case progresses, the platform will continue to function, although only for cryptocurrency transactionshaving removed various trading pairs and stopped OTC trading.

Onslaught against crypto assets

The crypto community reacted strongly to the actions of the SEC. For example, John E Deatona managing partner of a law firm, mentioned in a Twitter thread that the lawsuits from Coinbase and Binance have similarities, but also significant differences. He claimed that the SEC has an agenda and is not acting for the benefit of retail cryptocurrency investorss. Deaton even shared a Google form for users to express their opinion on the platforms involved.

The rest of the crypto community also expressed their discontent with the SEC. Some argue that the director of the regulatory body, genslerYou are not being impartial. Also, cryptocurrency commentator bitboy claims to have information that Binance has allocated a billion dollars to face this case.

Amid these news, Binance CEO, Changpeng Zhaotook a fighting stance and sent an internal letter to the employees, andn which urges them to continue developing new products. The CEO also flatly dismissed claims that Binance had funds of US$12 billion in companies controlled by him, emphasizing that Binance.US has never had such a large amount of funds and calling the SEC’s statements “false.”

Source: Ambito

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