Binance US announced the suspension of USD deposits and informed customers that fiat (USD) withdrawal channels are preparing to be discontinued by its banking partners starting June 13, thus Binance US is temporarily switching to a crypto-only platform.
It has been attributed to the SEC's aggressive tactics, such as its effort to freeze Binance US' assets and the challenges faced by the exchange and its banking partners.
It assured its clients that it will maintain 1:1 reserves for all client assets and that trading, staking, deposits and withdrawals in cryptocurrencies will continue unaffected. The exchange also revised its plan to delist trading pairs
