Binance.US flounder as banks prepare to pause fiat [USD] withdrawal channels as early as June 13, 2023. Amidst regulatory woes from the SEC, the U.S. arm of Binance announced a temporary suspension of USD deposits as of June 9.
As per the post, the trading platforms will shift to a crypto-only exchange for the time being.
It provided users with the reassurance that any processing delays resulting from high volume or weekend bank closures might occur. The functioning of cryptocurrency trading, staking, deposits, and withdrawals, however, will not be affected in any way.
While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, http://Binance.US will continue to vigorously defend ourselves, our customers, and the industry against the meritless attacks of the SEC.
The other day, users were alarmed when the exchange initially announced the withdrawal of hundreds of trading pairs and the suspension of OTC Trading.
Except for a few BTC and BUSD Advanced Trading pairings, it decided not to remove any USDT Advanced Trading pairs in response to community feedback.
BinanceUS also made changes to its Buy, Sell & Convert offering in addition to its Advanced Trading pairings. The exchange streamlined the program and limited the supported trade pairs for Convert to 226.
The Securities and Exchange Commission [SEC] recently deemed certain crypto tokens to be securities, but Coinbase exchange, which was also given legal notice, stated that it had no intentions of delisting those tokens.
A lot has happened since then.
Binance Lawyers Claims SEC’s Chair Was Cozying Up The Firm
Binance and Zhao’s lawyers submitted documents suggesting Gary Gensler, the chair of the Securities and Exchange Commission, was interested in serving as an advisor to the crypto exchange, according to a CNBC report.
Binance CEO, Changpend Zhao, or CZ, even got an invitation for an interview with Gensler as part of a cryptocurrency course he was teaching at MIT, Zhao’s attorneys said, who deduced that the SEC chair was the one cozying up to the firm.
The leading exchange, which has so far been able to withstand regulatory maelstrom got hit by 13 charges by the SEC earlier this week, sending shockwaves across the space.
Some of these accusations were that the firm did not register as a broker-dealer or an exchange, its funds were unlawfully mixed, and that it lacked essential internal controls over its operations.