Binance.US suspends dollar deposits. „We are notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.”

Days after the SEC sued it, the US arm of Binance says it is suspending dollar deposits and that its banking partners are preparing to pause dollar withdrawal channels.

In a statement posted on twitter, Binance.US said the SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry.

„Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work. As a result, in an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.” the company announced on twitter.

„We encourage customers to take appropriate action with their USD. Our priority is, and has always been, our customers. We are taking these proactive steps as we–for a time–transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets. Any downtime in processing withdrawals may be the result of elevated volumes and weekend bank closures. Moreover, trading, staking, deposits and withdrawals in crypto remain fully operational. 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 industry against the meritless attacks of the SEC.” the company added.