Starting June 13, Binance US will stop allowing USD fiat withdrawals.
In Brief
Effective today, Binance US has stopped accepting USD deposits and plans to cease USD withdrawals beginning June 13.
The exchange will shift to operating solely with cryptocurrencies.
Robinhood is set to discontinue support for SOL, MATIC, and ADA.
Binance US today revealed the suspension of USD deposits and impending halting of USD withdrawals from June 13, following a motion from the SEC. filed a motion This came about due to a request for a restraining order to freeze the company's assets.
It's noteworthy that the SEC's action pertains solely to Binance US, while the international branch of Binance functions as a distinct entity. This development follows the SEC's recent accusations against Binance and its CEO Changpeng ‘CZ’ Zhao for allegedly facilitating unregistered trading platforms for securities related to crypto assets.
In a recent tweet, Binance US informed users that its banking partners have indicated they will suspend USD fiat operations starting June 13. The platform recommends users to move their USD through bank transfers before that date as it prepares to transition into a crypto-only exchange. Any USD left after June 15 may be converted to a stablecoin that users can withdraw on-chain.
We want to clarify that we uphold a 1:1 reserve for all customer assets. Any delays you might experience while processing withdrawals could be due to high demand and the closure of banks during weekends.
said Binance US.
The exchange assured that services like crypto staking, trading, deposits, and withdrawals will continue without interruption.
In light of the SEC's lawsuit, Binance US announced its decision to delist ten trading pairs involving BTC and BUSD, which include ATOM/BTC, BCH/BTC, DOT/BTC, LRC/BTC, MANA/BTC, UNI/BTC, VET/BTC, XTZ/BTC, HBAR/BUSD, and ONE/BUSD.
This week has certainly presented challenges for the cryptocurrency sector as regulatory bodies like the SEC intensify their scrutiny of exchanges, while the industry looks for clear regulatory guidance. After filing a lawsuit against Binance, the SEC continued to press forward. filed another one against t Coinbase.
During a hearing in front of a Congressional committee, Dan Gallagher, who is the Chief Legal Compliance Officer at Robinhood and a former SEC commissioner, noted that while the company has secured a broker-dealer license to trade securities, they might not be equipped to handle trades involving unregistered securities as stated by the SEC, which includes cryptocurrencies like Solana, Polygon, and Cardano.
In light of recent lawsuit developments and the Congressional hearings, Robinhood has announced that it will remove SOL, MATIC, and ADA—tokens that the SEC classifies as unregistered securities—after 6:59 p.m. ET on June 27.
Read more:
Disclaimer
In line with the Trust Project guidelines It's important to remember that the information shared on this platform should not be considered legal, tax, investment, or financial advice of any kind. Always invest wisely and seek financial counsel if you have uncertainties. For more insights, refer to the issuer's or advertiser's terms and conditions and help pages. MetaversePost strives for accuracy and impartiality in reporting, but market dynamics can change rapidly without notice.
