The US arm of the crypto exchange Binance, Binance US has announced that its payment and banking partners intend to suspend USD Fiat deposits, asking customers to withdraw their USD via bank transfer as early as June 13, 2023.
The world’s largest crypto exchange’s arm Binance.US took to Twitter to share more information:
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US 🇺🇸 (@BinanceUS) June 9, 2023
As a result, Binance.US went on to suspend its OTC (over-the-counter) trading platform and removed select BTC and BUSD Advanced Trading pairs w.e.f. June 8, 2023, at 9 a.m. PDT / 12 p.m. EDT.
Further, Binance.US’ Buy, Sell, and Convert offering is set to be streamlined, whilst its OTC Trading Portal remains paused. While only select trading pairs for Advanced Trades are impacted, trading remains available for all cryptocurrencies. The notice released by Binance.US for its customers enlists the changes that would impact the platform.
These changes in question include advice given by Binance.US to its customers to initiate ACH withdrawals at the earliest owing to peak volumes and weekend bank closures. While deposits already initiated would be successfully processed, the USD balances left on the platform after June 15, 2023, would be converted to on-chain withdrawable stablecoin.
Notably, the number of supported Convert trading pairs stands reduced to 226. The Buy, Sell, and Convert options would still be available for USDT, USDC, BNB, ETH, BTC, FET, ATOM, APT, MATIC, LTC, DOGE, SHIB, FTM, APE, SOL, LINK, ADA, DOT, GALA, and AVAX assets. While USD for Convert is added, the maximum order amount for Buy, Sell, and Convert is now set at $10,000.
Binance.US has asserted that cryptocurrency services including crypto trading, staking, deposits, and withdrawals would remain fully operational. At press time, while the leading cryptocurrency Bitcoin (BTC) is trading at $26,574.80, Binance’s BNB token is trading at $257.35, as per CoinMarketCap (CMC). Binance.US proclaimed that the exchange is actively transitioning towards being a crypto-only exchange.
