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.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

Single-player and mobile games can still offer robust in-game economies for players

article-image

Polygon and GSR partnered on Katana, angling for a “unified DeFi engine” to concentrate liquidity, recycle yield to users and showcase the AggLayer.

article-image

Decentralized money was a “very unpopular goal” when concepts were proposed in the ’90s, said Nick Szabo

article-image

Cove aims to deliver “risk-adjusted yield” through curated DeFi vaults

article-image

The best capital markets are open to the most people — and crypto capital markets are open to everyone

article-image

Post-conference musings on Firedancer, Kraken, Solana Mobile and Trump