Binance.US suspends dollar deposits, braces for fiat withdrawal halt

Crypto trade Binance.US has announced the suspension of US dollar deposits and the potential halt of fiat dollar withdrawal channels, simply days after the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO Changpeng Zhao. In response to the regulatory strain, Binance.US is taking proactive steps to transition to a crypto-only trade in the intervening time, whereas sustaining full functionality for buying and selling, staking, deposits, and withdrawals in crypto.
Earlier this week, the SEC filed a lawsuit against Binance and Zhao, followed by a swimsuit in opposition to Coinbase, the largest US cryptocurrency platform. This marks a major increase in the crackdown on the crypto business by US regulators, following the collapse of FTX last yr. US monetary regulators have expressed help for a freeze on Binance’s assets, in accordance with an SEC filing made public.
Secret , COO of Singapore crypto platform Stack Funds, commented on the scenario: “Binance.US is a considerably smaller business than their worldwide group. Halting of withdrawals is obviously going to create or spur quite a little bit of worry and panic. But day after day for the last week, Binance has been hit with varied kinds of comments and points from the SEC and regulators, so this was actually to be expected.”
Cryptocurrency prices have remained relatively steady in response to the information, with Bitcoin experiencing a minor decrease to $26,496. Binance’s BNB token saw a zero.46% drop to $261.forty six. Tony Sycamore, market analyst at IG Markets, noticed that “the reaction has been extraordinarily muted so far. Either the market has shrugged it off, or it hasn’t gotten a handle on it yet.”
In a tweet, Binance.US described the SEC’s stance on cryptocurrency as “extremely aggressive and intimidating,” and vowed to continue defending itself, its customers, and the industry towards the SEC’s “meritless attacks.” The crypto business has been critical of SEC chair Gary Gensler following the lawsuits, although Gensler has since dismissed claims that the agency is attempting to suppress the crypto industry..

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