Binance halts deposits in US dollars, tells users to withdraw their funds

The cryptocurrency exchange is preparing for the worst in the US market

On Thursday night, Binance, the biggest cryptocurrency exchange in the world, issued a notice that it would halt the acceptance of US dollar deposits. At the same time, it encouraged clients to retrieve their funds at the beginning of next week. This all stems from a fight with the Securities and Exchange Commission (SEC) that might not have a happy ending for the company.

On Monday, the SEC claimed that the crypto leader was engaged in violating securities laws, which it described as a massive fraud scheme and a planned attempt to avoid legal consequences. Allegedly, Binance permits trading for US residents, despite not being a registered US stock exchange. Additionally, it has been accused of misappropriating customer funds.

Binance.US announced on Twitter that starting from Thursday, USD deposits will be put on hold and that its partner banks will be suspending fiat (USD) withdrawal channels come June 13. The exchange advises customers to withdraw their USD from the platform through wire transfers by the said date.

Binance founder Changpeng Zhao faced 13 charges from the SEC in a civil complaint regarding investment companies and platforms under his control. The court requested the freezing of assets related to Zhao and the company, as the commission argued on Tuesday.

Binance spoke out against the SEC’s actions, calling them meaningless and vowing to safeguard the business, consumers, and themselves against any future attacks. In March, Binance faced accusations and a lawsuit from another regulator, the Commodities Futures and Exchange Commission (CFTC).

In addition to Binance, the SEC is also going after Coinbase. It accuses it of offering unregistered securities in the US.

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