Binance US has announced that it will suspend US dollar (USD) deposits to protect customers and the platform.
In the last week, controversial days continue to pass in the crypto industry. In particular, the steps taken by the SEC against Binance and Coinbase created a bombshell effect on the agenda. The crypto industry has started to take a stand against the new moves of the US regulator.
The US arm of Binance, one of the exchanges on the SEC’s radar, announced its new move towards the US dollar. Binance US will suspend US dollar deposits today.
Binance US Draws Attention With Its Move Towards US Dollar
Binance US, the US arm of Binance, is on regulators’ radar. The US arm of the popular exchange was sued by the SEC and the CFTC.
The move from Binance US drew attention, as the US dollar moves forward thinking that it has a say wherever it enters. Binance US stated that the SEC’s strategy has become extremely aggressive and frightening. However, Binance US does not intend to take a step back in the face of this situation. The exchange is blacklisting the US dollar, stating that it aims to protect customers and the platform.
Binance US is freezing US dollar deposits as part of its platform services. The exchange announced that its banking partners are also preparing to pause their US dollar withdrawal channels before June 13. In addition, Binance US stated that it encourages its customers to take measures against US dollars.
In the legal processes that turned into a conflict between the regulator and crypto, the step taken by Binance had great repercussions. Crypto investors supported this announcement made on Twitter.
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US 🇺🇸 (@BinanceUS) June 9, 2023
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