{"id":106657,"date":"2023-06-10T01:38:57","date_gmt":"2023-06-10T01:38:57","guid":{"rendered":"https:\/\/dripp.zone\/news\/binance-us-suspends-usd-deposits-warns-of-fiat-withdrawal-pause-crypto-news\/"},"modified":"2023-06-10T01:38:58","modified_gmt":"2023-06-10T01:38:58","slug":"binance-us-suspends-usd-deposits-warns-of-fiat-withdrawal-pause-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/binance-us-suspends-usd-deposits-warns-of-fiat-withdrawal-pause-crypto-news\/","title":{"rendered":"Binance.US suspends USD deposits, warns of fiat withdrawal pause\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div data-v-0c8d7d80=\"\">\n<p>Binance.US has announced the suspension of United States dollar deposits and has notified its customers of an incoming pause to fiat (USD) withdrawal channels as early as June 13.<\/p>\n<p>On June 9, Binance.US announced that it was forced to take action amid &#8220;extremely aggressive and intimidating tactics&#8221; from the United States Securities and Exchange Commission.<\/p>\n<p>The firm noted that, in an effort to protect its customers and platform, it is suspending USD deposits.  Furthermore, Binance.US is \u201cnotifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/AZwoBOgsqS\">https:\/\/t.co\/AZwoBOgsqS<\/a> and our business partners have not been spared in the use of these tactics, which have created\u2026 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/rlIe6swIoY\">pic.twitter.com\/rlIe6swIoY<\/a><\/p>\n<p>\u2014 Binance.US (@BinanceUS) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BinanceUS\/status\/1666996908651323393?ref_src=twsrc%5Etfw\">June 9, 2023<\/a><\/p><\/blockquote>\n<p>The company added that it plans to transition to a crypto-only exchange but maintains a 1:1 ratio for customer assets.<\/p>\n<p>The notice also cautioned that any downtime in processing withdrawals going forward &#8220;may be the result of elevated volumes and weekend bank closures.&#8221;<\/p>\n<p>Trading, staking, deposits and withdrawals in crypto remain fully operational, it confirmed.<\/p>\n<p>As a result of the SEC&#8217;s &#8220;ideological campaign against the American digital asset industry,&#8221; Binance.US and its banking partners have faced increasing challenges, it said.  Those banking partners have signaled their intent to sever fiat on-ramps to the exchange.<\/p>\n<p>US dollar deposits will be suspended as of June 9, and USD trading pairs will be delisted next week, the firm stated;  however, it will continue to support Tether (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/tether-price-index\">usdt<\/a>trading pairs.  It stated that any USD left on the exchange might be converted into a stablecoin that could be withdrawn on-chain.<\/p>\n<figure><figcaption style=\"text-align: center;\"><em>Ten trading pairs delisted by Binance.US.  Source: Binance.US<\/em><\/figcaption><\/figure>\n<p>Binance.US delisted eight bitcoin (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/bitcoin-price\">BTC<\/a>) pairs and two USD (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/binance-usd-busd-price-index\">USD<\/a>) pairs on June 8 while noting that OTC Trading Portal services were paused.  BTC traded at a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-priced-at-binance-us-crypto-exchange-at-700-premium\" data-amp=\"https:\/\/cointelegraph-com.cdn.ampproject.org\/c\/s\/cointelegraph.com\/news\/bitcoin-priced-at-binance-us-crypto-exchange-at-700-premium\/amp\">premium<\/a> on the US exchange in early May. <\/p>\n<p><strong><em>Related:<\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/binance-ceo-cz-wont-buy-bank-despite-crypto-debanking\" data-amp=\"https:\/\/cointelegraph-com.cdn.ampproject.org\/c\/s\/cointelegraph.com\/news\/binance-ceo-cz-wont-buy-bank-despite-crypto-debanking\/amp\"><strong><em> <\/em><\/strong><strong><em>Buying a bank won&#8217;t solve crypto&#8217;s debanking issue \u2014 Binance CEO<\/em><\/strong><\/a><\/p>\n<p>The SEC issued an emergency order on June 6 to<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/binance-us-user-funds-safe-amid-sec-injunction-freeze-assets\" data-amp=\"https:\/\/cointelegraph-com.cdn.ampproject.org\/c\/s\/cointelegraph.com\/news\/binance-us-user-funds-safe-amid-sec-injunction-freeze-assets\/amp\"> freeze the assets<\/a> of Binance.US.  The following day, the firm reassured customers that assets remained safe adding that the platform continues to be fully operational with deposits and withdrawals functioning as normal.<\/p>\n<p>Cointelegraph reported on the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/binance-us-unable-to-find-bank-partners-in-the-united-states-report\" data-amp=\"https:\/\/cointelegraph-com.cdn.ampproject.org\/c\/s\/cointelegraph.com\/news\/binance-us-unable-to-find-bank-partners-in-the-united-states-report\/amp\">struggles<\/a> Binance.US was having secure banking partners in April.<\/p>\n<p><strong><em>Magazine:<\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cointelegraph.com\/magazine\/crypto-regulation-sec-chair-gary-gensler-final-say\/\"><strong><em> <\/em><\/strong><strong><em>Crypto regulation: Does SEC Chair Gary Gensler have the final say?<\/em><\/strong><\/a><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"\/><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance.US has announced the suspension of United States dollar deposits and has notified its customers of an incoming pause to fiat (USD) withdrawal channels as early as June 13. On June 9, Binance.US announced that it was forced to take action amid &#8220;extremely aggressive and intimidating tactics&#8221; from the United States Securities and Exchange Commission. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":106658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-106657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/106657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=106657"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/106657\/revisions"}],"predecessor-version":[{"id":106659,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/106657\/revisions\/106659"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/106658"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=106657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=106657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=106657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}