Binance.US to go ‘crypto-only’ as banking partners cut ties Binance.US to go ‘crypto-only’ as banking partners cut ties
Amid regulatory scrutiny, Binance.US will halt USD payment channels by June 13.
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Updated: Jun. 9, 2023 at 8:04 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance.US announced on June 9 that it would transition to a crypto-only exchange for now.
The move comes as its payment and banking partners suspended USD channels due to the Securities and Exchange Commission (SEC) lawsuit against Binance, and related entities, over allegations of breaching securities laws, including operating as an unregistered exchange.
Binance.US said its banking partners intend to halt all USD payment channels by June 13. The exchange advised users to withdraw USD balances via bank transfer before the deadline.
It warned that there might be delays in processing withdrawals due to the expected high volume of requests and weekend bank closures.
The exchange has suspended USD deposits and recurring buy orders and will start delisting USD trading pairs next week. USD balances on Binance.US after June 15 will be converted to stablecoin, the exchange said.
Binance.US added that crypto trading, staking, deposits, and withdrawals remain functional. The exchange will be crypto-only until new banking partners are found.
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Monika Ghosh
In 2020, Monika immersed herself in crypto, maintaining skepticism yet firmly believing blockchain could address key issues like financial disparity and transparency. A book-lover, she's also a passionate food enthusiast.
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