Binance.US to halt all fiat withdrawals ‘as early as June 13’

The exchange warned customers to withdraw USD funds by June 13

article-image

Aleksandra Sova/Shutterstock modified by Blockworks

share

In the wake of a blistering lawsuit from the SEC, Binance.US notified users this evening that it would be pausing all customer withdrawals and transitioning, at least temporarily, to an all-crypto exchange.

Binance US attributed the decision to “banking partners [who] have signaled their intent to pause USD fiat channels.”

In a statement the exchange, operated by BAM Trading, said that it would be suspending all USD deposits as banking partners prepared to pause USD withdrawals ‘as early as June 13 2023.’

Binance.US noted in their statement that they maintain 1:1 reserves for all customers, and that all operations are currently functioning.

The exchange encouraged customers to withdraw USD via bank transfer by June 13, 2023.

The exchange noted that all USD trading pairs would be suspended next week, and that any USD balances held in reserve may be converted to stablecoins after June 15.

The notice also stated that ACH transfers in US dollars would potentially be subject to delays, which it suggested may be due to the weekend bank closures and elevated volumes.

Binance US had already noted that it would delist some trading pairs.

In the notice, Binance US described the SEC lawsuit as making “baseless claims” and described the agency’s tactics as “aggressive” and “unjustified.”

The exchange has also been threatened with an asset freeze.

Binance.US has had a checkered history, with one CEO — Catherine Coley — disappearing from public view, and another resigning after an extremely short tenure at the business. The latter, Brian Brooks, provided testimony to the SEC that questioned the nominal independence of the exchange.

BNB, the native token of Binance, has fallen from just over $308 to around $259 over the past week, at the time of writing.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

BUZZ holds shares of Coinbase, Robinhood and MicroStrategy

article-image

Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders

article-image

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit