Binance.US announced on June 9 that it might transition to a crypto-only trade for now.
The transfer comes as its fee and banking companions suspended USD channels because of the Securities and Trade Fee (SEC) lawsuit in opposition to Binance, and associated entities, over allegations of breaching securities legal guidelines, together with working as an unregistered trade.
Binance.US stated its banking companions intend to halt all USD fee channels by June 13. The trade suggested customers to withdraw USD balances by way of financial institution switch earlier than the deadline.
It warned that there may be delays in processing withdrawals because of the anticipated excessive quantity of requests and weekend financial institution closures.
The trade has suspended USD deposits and recurring purchase orders and can begin delisting USD buying and selling pairs subsequent week. USD balances on Binance.US after June 15 shall be transformed to stablecoin, the trade stated.
Binance.US added that crypto buying and selling, staking, deposits, and withdrawals stay practical. The trade shall be crypto-only till new banking companions are discovered.
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