TechFlow reported that on June 9, Binance.US tweeted that the U.S. digital asset industry is being pursued by the SEC (U.S. Securities and Exchange Commission) with extremely aggressive and intimidating means. This is an ideological war. Binance.US and its business partners are not immune to the use of these means, which poses a challenge to the banks we work with.

Therefore, in order to protect our customers and our platform, today we have suspended USD deposits and notified customers that our banking partners will suspend fiat (USD) withdrawals on or before June 13, 2023. We encourage customers to take appropriate steps to handle their USD.

Our first priority is always our customers. We are taking proactive steps as we temporarily move to supporting only cryptocurrency exchanges. To be clear, we maintain 1:1 reserves on all customer assets. Any withdrawal processing downtime may be due to elevated trading volumes and weekend bank closures. Otherwise, cryptocurrency trading, staking, deposits, and withdrawals remain fully operational.

While we remain open to constructive compromises to foster a thriving digital asset market in the United States, Binance.US will continue to vigorously defend ourselves, our customers, and the industry against the SEC’s unfounded attacks.