The SEC-targeted Binance.US is suspending the use of US dollars on its platform in response to the regulator’s “unfair” and “baseless” actions. Meanwhile, the list of altcoins that are facing delist within the scope of the lawsuit is also being updated.
Binance.US suspended US dollar trading due to legal issues
The stock market’s rest move towards the USA emerged in the first hours of 9 June. Binance US has announced that it will suspend all US dollar deposits and withdrawals, citing SEC lawsuits. The leading exchange announced that it will cut its relationship with fiat currencies as of June 13. Binance will become a fully crypto-focused exchange from this date on.
In a tweet, Binance.US said it has temporarily transitioned entirely to a crypto exchange and that trading, staking, depositing and withdrawing crypto is fully operational. It also reported that dollar deposits will be suspended from June 9, and dollar-based trading pairs will be delisted shortly.
cryptocoin.comAs you follow, Binance has until June 12 to respond to the court.
Updated list of altcoins to be delisted
Binance.US has also changed the altcoins it will delist as part of the lawsuit. The exchange was planning to delist a long list of trading pairs, including altcoins such as AAVE, ATOM, and DOT. With the last update, he gave up the decision to remove cryptocurrencies from the list. Only the following pairs will be delisted from Binance.US.
Binance US reports that it will delist only 10 of the predetermined trading pairs. According to the statement, Binance US will suspend US dollar deposits today. According to the official announcement:
‘SEC started using extremely aggressive tactics’
“The SEC has started using extremely aggressive tactics in its ideological campaign against the cryptocurrency industry. Binance.US and our partners have not been able to avoid the use of these tactics, which has created difficulties for the banks we work with.
As a result, to protect our customers and our platform, we are suspending USD deposits today. We also inform our customers that our banking partners are preparing to pause their USD withdrawal channels as early as June 13, 2023. We encourage our customers to take appropriate action regarding their USD.
‘We hold 1:1 reserves for customer assets’
Our priority, as always, is our customers. We are taking these proactive steps as we are only transitioning to crypto exchange for a while. To be clear, we hold a 1:1 reserve for all client assets. Any interruptions to withdrawals may be due to high volumes and weekend bank closures. Also, trading, staking, depositing and withdrawing crypto is fully operational.
While open to a fruitful compromise that enables a thriving cryptocurrency market in America, http://Binance.US will continue to vigorously defend ourselves, our customers and the industry against the SEC’s unfair attacks.”
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