Binance.US announced Thursday that it will suspend dollar deposits and withdrawals on June 13, 2023. The company said the decision was made due to "recent regulatory scrutiny" it has faced.
The SEC filed a lawsuit against Binance in December 2022, alleging that the company had violated securities laws by operating an unregistered exchange. The lawsuit also accused Binance of failing to register as a money transmitter.
Binance has denied the allegations and the case is still pending. However, the lawsuit has created uncertainty for Binance's banking and payment partners. As a result, Binance.US said that it "has been unable to secure banking relationships" that would allow it to continue offering dollar deposits and withdrawals.
Binance.US said that it will continue to support trading cryptocurrency pairs that do not involve dollars, customers will not be able to deposit or withdraw dollars from the exchange.
The suspension of dollar deposits and withdrawals is a significant blow to Binance.US. The company has been one of the fastest growing cryptocurrency exchanges in the United States and has processed billions of dollars in trading volume.
The company said it is working to find new banking relationships that will allow it to resume dollar deposits and withdrawals.