Binance.US suspends fiat use amid legal issues.
Binance.US has announced that it will become an all-crypto exchange starting on June 13, due to regulatory pressure from the U.S. Securities and Exchange Commission (SEC). The SEC launched a major enforcement action against the company earlier this week.
Binance’s U.S. arm stated in a tweet that it will temporarily transition to an all-crypto exchange. The company also stated that crypto trading, staking, deposits, and withdrawals will remain fully operational.
The exchange noted that USD deposits will be halted as of June 9, and USD-based trading pairs will be removed shortly after.
Binance.US tweeted that it will continue to vigorously defend itself, its customers, and the industry against the SEC’s claims, while remaining open to a productive compromise that will allow for a thriving digital asset marketplace in America.
- Lawyers for Binance allege that SEC Chair Gary Gensler attempted to secure a job with the exchange.
- Australian bank opposes payments to some crypto exchanges.
- Top 5 losers in uncertain market FUD Storm.
The price of Binance’s BNB token, which was accused of being a security by the SEC, remains stable at $260.24, although it has fallen 15% in the last week.
The SEC has also alleged that Binance directed $12 billion to companies controlled by CEO Changpeng Zhao, an accusation that both Zhao and Binance deny. The two parties are scheduled to return to court on June 13, which is the same day that Binance.US will begin its transition to an all-crypto exchange.
This article was edited by Jesse Hamilton.