Recently, Binance US announced that they will stop depositing and withdrawing USD. This is happening because of the recent SEC lawsuit.
Translation of information Binance sends to customers:
"Dear Customer,
As you may know, Binance.US, along with other companies in our industry, has been the target of attacks by the US Securities and Exchange Commission (SEC). The SEC has made baseless allegations about our business practices, and we will continue to vigorously defend ourselves, our customers, our partners and our industry.
Despite these baseless accusations and amid the SEC's increasingly aggressive tactics, our payment partners and banks have announced their intention to suspend the USD fiat payment channel from the 13th. June 2023, which means our ability to accept USD fiat deposits and withdrawals will be affected. To demonstrate our commitment to putting customer interests first, we are notifying users immediately so that you can take the necessary measures as we transition to a fiat-only exchange. electronic. To be clear, we maintain full 1:1 custody of all client assets, so client funds are always safe, secure and available. Please note the following changes will affect the platform:
ACH BANK WITHDRAWAL: We encourage customers to withdraw their USD funds via ACH bank transfer by June 13, 2023. Due to high transaction volumes and weekend bank closures, the timing ACH withdrawal processing may take longer than usual (e.g., up to several days); We look forward to receiving your patience.
USD DEPOSITS: To ensure timely USD withdrawals, we are suspending USD deposits and recurring buy orders starting today and starting a transition to an exchange that only supports cryptocurrency death. Any deposits that have already been initiated will be processed.
USD TRADING PAIRS: Starting next week, we will begin removing USD trading pairs (e.g. BTC-USD) on our platform, while continuing to support stablecoin pairs (e.g. :BTC-USDT).
USD BALANCE: Any USD balance remaining on the platform after June 15, 2023 can be converted into stablecoins that can be withdrawn on the blockchain.
Cryptocurrency services continue to operate normally, including: cryptocurrency trading, deposits, withdrawals, and staking participation. Until we find more stable banking partners, Binance.US will continue to be a crypto-only exchange – at least for a while. We will continue to provide updates via our status page. Thank you for your continued support in our fight to find a path to growth for those who want a strong digital asset market in the US.
Until we reach more stable banking partners, Binance.US will continue to operate as a cryptocurrency-only exchange – at least for a while. We will continue to provide updates via our status page.
Thank you for your continued support in the fight to create a thriving digital asset market in the US.”