Binance.US halts USD trading amid regulatory crackdown By Investing.com

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Binance.US halts USD trading amid regulatory crackdown

Published Jun 09, 2023 16:35

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Binance.US halts USD trading amid regulatory crackdown

Investing.com - Binance.US, the American subsidiary of the prominent global cryptocurrency exchange, recently announced that it would cease facilitating trading in U.S. dollars due to severed ties with its banking partners. This development is a result of increased scrutiny from federal regulators.

The termination of dollar-based transactions significantly impacts Binance.US's ability to allow users to convert traditional currency into digital assets like Bitcoin or Ether. In response, the company has decided to transition into a crypto-only exchange.

According to Binance.US, recent communications from their banking partners indicated an unwillingness to continue supporting dollar movements for the platform. This decision follows legal action by the Securities and Exchange Commission (SEC), which accused both Binance and CEO Changpeng Zhao of improper handling of customer funds and providing false information to regulatory authorities.

Furthermore, the SEC sought permission from a Washington-based federal judge to freeze assets linked with U.S.-based clients using Binance services as they cited years-long violation concerns surrounding the defendants' conduct.

As yet, representatives for Binance have not commented on these developments publicly. The broader cryptocurrency industry has faced mounting pressure since November when problems arose following the FTX exchange's collapse—an event that sparked widespread turmoil across various platforms.

In addition to pursuing legal action against Binance earlier this week, SEC filed another case against Coinbase—the largest American crypto exchange—further intensifying ongoing struggles within this sector. While some companies are taking steps towards challenging such crackdowns others are contemplating leaving US markets entirely.

Banning all deposits in U.S dollars while urging customers holding any funds within their accounts until June 13th; In a recent statement addressing client concerns amid aggressive tactics employed by SEC officials., However, Binance.us reassures them that their assets are safeguarded and backed by 1:1 reserves, ensuring the safety, security, and availability of customer funds.

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