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Binance US halts U.S. Dollar Deposits After SEC Lawsuit


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Alex Lari

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Binance’s U.S. counterpart, Binance US, announces that it is going to suspend dollar deposits and urged customers to withdraw their dollar funds by Tuesday.

This decision came after the U.S. securities regulator requested a court order to freeze Binance US’s assets. In a tweet on Thursday, Binance US stated that its banking partners are getting ready to halt dollar withdrawal services, possibly starting from June 13.

On Monday, the U.S. Securities and Exchange Commission (SEC) took legal action against Binance, its CEO and founder Changpeng Zhao, and the operator of Binance US. This move represents a significant escalation in the regulatory crackdown on the digital asset industry by U.S. authorities. The SEC also filed a lawsuit against the prominent U.S. exchange Coinbase the following day.

Read more on the subject : Bitcoin Plunges Below $26,000 As SEC Sues Binance

In a customer notice posted on Twitter, Binance US announced its decision to discontinue accepting dollar deposits as part of its transition into a “digital-asset-only exchange.” The company expressed its view that the SEC’s civil charges were unwarranted and pledged to “vigorously” defend itself against them.

On Monday, the SEC leveled 13 charges against Binance, accusing the company of engaging in a “web of deception.” The allegations included artificially inflating trading volumes, misappropriating customer funds, and failing to enforce restrictions against U.S. customers.

The SEC further sought a court order on Tuesday to freeze Binance’s assets in the United States. In response, Binance US referred to the motion as “unwarranted,” asserting that it had already taken steps to address the SEC’s concerns regarding the security of customer assets.

SEC stated it has not obtained satisfactory reassurance that the assets of Binance US were controlled by its designated operator “BAM Trading.” The regulatory body warns that these assets may be under the control or influence of Binance or its founder, Zhao, who has openly expressed a desire to evade compliance with U.S. laws.

Read more on the subject : Bitcoin Is The Only Winner In SEC Clash

According to the SEC, Zhao and Binance had “free reign” in managing Binance US assets, lacking any oversight or controls to ensure their proper security. The SEC emphasized that this unrestricted control over U.S. investor assets posed significant concerns.

Binance previously stated its commitment to defend its platform and highlighted that the SEC’s jurisdiction was limited as Binance was not classified as a U.S. exchange.

As per the SEC, Binance US currently holds customer assets consisting of more than $2.2 billion in digital assets and approximately $377 million in U.S. dollar bank accounts.

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