Binance.US Announces Suspension of U.S Dollar Deposits Amid Regulatory Turmoil
Binance.US, the American arm of the world’s largest cryptocurrency exchange, has announced the suspension of U.S. dollar deposits and the imminent pause of fiat dollar withdrawal channels. This development comes just days after Binance and its CEO, Changpeng Zhao, were sued by U.S. regulators. In a tweet, Binance.US stated that it is taking proactive measures to transition to a crypto-only exchange temporarily. While trading, staking, and deposits and withdrawals in cryptocurrencies will remain operational, the halt on fiat transactions has raised concerns among customers. SEC’s Legal Action The U.S. Securities and Exchange Commission (SEC) initiated legal action against Binance and Zhao on Monday, followed by a lawsuit against Coinbase, the largest U.S. cryptocurrency platform, the following day. These events mark a significant escalation in the regulatory crackdown on the cryptocurrency industry, following the FTX collapse last year. According to a publicly availabl...