Breaking: Binance.US Halts USD Deposits, Must Withdraw by June 13 But Major Outage Reported
Binance.US is halting USD deposits and has warned users to withdraw all US dollar funds by June 13th, although its dollar withdrawal service is currently not working.
Also, all USD trading pairs will be removed next week.
A statement on its Twitter account in part reads: "The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.
"As a result, in an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. We encourage customers to take appropriate action with their USD."
The notice on the status page of the US-facing part of the Binance trading group warned that there might be delays in withdrawing USD funds.
However, the site currently reports a major outage for USD withdrawals via bank transfer (ACH), debit card, Apple Pay, Google Pay and Wire. T
There is no indication as yet when withdrawal services will be back up, leaving Binance.US clients in limbo.
Binance.US is being sued by the US Securities and Exchange Commission (SEC) and the government is attempting to freeze the institutions assets. The agency on Tuesday sort to freeze the US assets of Biance.
The US SEC and its chairman Gary Gensler are accused by the crypto industry of wanting to close down the industry in the US.
In related news Binance claims that Gensler tried to get a job at Binance in 2019 and should recuse himself from the lawsuit.
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