Binance.US Suspends USD Deposits Amid SEC’s Aggressive Tactics
In a bold move reflecting the intensifying battle between the American digital asset industry and regulatory authorities, Binance.US announced the suspension of USD deposits and the impending pause of fiat (USD) withdrawal channels as early as June 13, 2023. The decision comes as a response to what the company describes as the Securities and Exchange Commission’s (SEC) employment of highly aggressive and intimidating tactics in its ideological campaign against the digital asset industry.
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US đŸ‡ºđŸ‡¸ (@BinanceUS) June 9, 2023
SEC’s Combative Strategies
Binance.US, along with its business partners, claims to have been subject to the SEC’s combative strategies, creating significant challenges for the banks involved. The company, however, reassures its customers that their assets are secure, as it maintains 1:1 reserves for all customer holdings.
Emphasizing its commitment to customer protection, Binance.US stated that it is taking proactive steps to transition into a crypto-only exchange. Although fiat-related services may experience temporary interruptions due to elevated volumes and weekend bank closures, the platform’s crypto trading, staking, deposits, and withdrawals will continue to operate without disruption.
The company remains open to finding a productive compromise that fosters a thriving digital asset marketplace within the United States. However, Binance.US made it clear that it will vigorously defend itself, its customers, and the industry against what it perceives as baseless attacks from the SEC.
Binance.US vs. SEC Conflict
The clash between Binance.US and the SEC reflects a broader conflict within the American digital asset industry, as regulatory bodies grapple with the rapid growth and increasing popularity of cryptocurrencies. The SEC’s approach has drawn criticism from proponents of digital assets who argue that heavy-handed tactics stifle innovation and hinder the industry’s development.
As the situation unfolds, market participants will closely monitor the actions of both Binance.US and the SEC, as they navigate the challenges surrounding the regulation and future of the American digital asset landscape.
