Binance US has decided to stop depositing funds in US dollars after the lawsuit filed by the SEC. Binance US, the US subsidiary of the world’s largest cryptocurrency exchange Binance, has decided to stop depositing funds in US dollars after accusations filed by the SEC.
Binance US announced in a statement that it has become the target of the SEC’s “aggressive tactics”, stating that the allegations in the lawsuits are “unfair” and “baseless”, and that it has decided to immediately cease all dollar deposits and recurring buy orders to ensure timely withdrawal processes are in order.
Banks that Binance works with in the US had previously announced that all US dollar order channels would be stopped on June 13. This will lead Binance to become a crypto-only exchange.
In the Binance US statement, it was also stated that crypto trading and staking transactions continue without any problems.
The SEC has reported that Binance has filed 13 charges against US-based BAM Trading, which operates Binance.US, and its founders, Changpeng Zhao, for various securities law violations.
The charges brought forward included the operation of unregistered exchanges and clearing agents, misrepresentation of trading controls and oversight on the Binance.US platform, and the unregistered supply and sale of securities. The SEC has also requested a temporary restraining order from the court to freeze Binance’s US assets.
Other precautionary measures the SEC has requested include a verified accounting, repatriation of assets, protection of documents and information, and prevention of destruction of evidence.
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