The U.S. faction of Binance will no longer allow users to trade the U.S. dollar on its platform, the crypto exchange operator
late Thursday, after banking partners began cutting off the firm amid a crumbling crypto market in the U.S. as regulators sued two industry giants this week.NurPhoto via Getty ImagesBinance.US will transition to a crypto-only exchange, halting all USD withdrawals and deposits, as soon as June 13, the company announced Thursday night.
The company’s payment and banking partners “signaled their intent” to close out USD trading with Binance due to the Securities and Exchange Commission’s lawsuit Monday alleging the company was dodging regulation and operating illegally, which Binance reiterated in its Thursday statement was “baseless.”Key Backgroundtied to Binace.US’s holding and operating firms, BAM Management US Holdings and BAM Trading Services. The SEC said the freeze request was an effort to protect U.S. customers’ assets and safety given Binance’s “evasion of regulatory oversight, and open questions about various financial transfers and the custody and control of Customer Assets.
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