Just days after the SEC filed a lawsuit against it, Binance’s US division announced the suspension of dollar deposits, and its banking partners are preparing to halt dollar withdrawal services.
In a statement shared on Twitter, Binance urged customers to withdraw their USD using ACH methods by June 13, as its banking partners are set to close these channels. The company criticized the SEC for employing aggressive tactics in its campaign against the American digital asset industry, stating, “Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.”
As a result, Binance.US plans to operate as a crypto-only exchange until it can establish more stable banking partnerships. Earlier this week, the SEC sued Binance and its CEO, Changpeng Zhao, alleging multiple securities law violations and accusing the platform of an “extensive web of deception.” The regulator is also seeking a temporary restraining order to freeze certain assets associated with Binance.US.