Binance.US announced On June 9, it announced that it would move to a cryptocurrency-only exchange for the time being.
The move follows a Securities and Exchange Commission (SEC) lawsuit against Binance and its affiliates for alleged violations of securities laws, including operating as an unregistered exchange, after the company’s clearing and banking partners suspended US dollar channels. It was done in response to
Binance.US said its partner banks plan to suspend all US dollar payment channels by June 13. The exchange advised users to withdraw their US dollar balances via bank transfer before the deadline.
It warned there could be delays in processing withdrawals due to the expected high volume of requests and bank holidays over the weekend.
The exchange has suspended US dollar deposits and regular buy orders and will begin delisting US dollar trading pairs next week. According to the exchange, U.S. dollar balances on Binance.US after June 15 will be converted into stablecoins.
Binance.US added that cryptocurrency trading, staking, deposits and withdrawals will continue to work. The exchange will be crypto-only until a new banking partner is found.
CryptoSlate first reported that Binance.US will become “Crypto-only” following the dissolution of partnerships with partner banks.
