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Binance.US suspends work with fiat due to legal issues

Jun 09, 2023
Markets
The American division of the Binance crypto exchange recommends its users to withdraw fiat funds as soon as possible due to the SEC's extremely aggressive tactics against the company.
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Binance has been completely suspending the processing of deposits in USD since June 9. On Twitter, the company reports that it is temporarily switching operations only with cryptocurrencies. Accordingly, trading and other transactions in cryptocurrency will be carried out in the normal mode.

Representatives of Binance.US noted that the company will protect itself and its customers from unreasonable SEC attacks. Recall that on Tuesday, the Securities and Exchange Commission demanded the blocking of assets of the American division of the company. The trial on this issue is scheduled for June 13. Binance is also accused of transferring $12 billion to companies controlled by CEO Changpeng Zhao. The head of the company and the crypto exchange deny this information.

Against the background of the current situation, the Binance BNB coin remains stable and is trading at $260.24. The token, which the SEC has recognized as a security, has fallen by 15% over the past week.

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