Binance.US Suspends Use of Fiat as Legal Troubles Mount – Binance.US has announced that starting from June 13, it will become exclusively focused on cryptocurrency trading, attributing this decision to the recent enforcement action by the U.S. Securities and Exchange Commission (SEC). In a tweet, the U.S. division of Binance stated that it will temporarily shift to an all-crypto exchange, while ensuring that trading, staking, deposits, and withdrawals involving cryptocurrencies will continue to operate without disruption.
According to the exchange’s announcement, as of June 9, the acceptance of USD deposits will be temporarily halted, and shortly thereafter, trading pairs based on USD will be removed from the exchange’s listings. “While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, Binance.US will continue to vigorously defend ourselves, our customers and the industry against the meritless attacks of the SEC,” the exchange tweeted.
The BNB coin from Binance is currently maintaining stability at a value of $260.24. Despite recent allegations by the SEC that questioned its classification as a security, the token has experienced a 15% decline in the past week. On Tuesday, the SEC sought a temporary restraining order to freeze specific assets associated with Binance.US.
Both parties are scheduled to appear in court on June 13 to address this issue, coinciding with Binance.US’s planned transition to become an exclusive cryptocurrency exchange. In addition to the aforementioned actions taken by the SEC, they have further levied accusations against Binance. One notable allegation is that Binance directed a substantial amount of $12 billion towards companies that are under the control of their CEO, Changpeng Zhao.
It is important to note that both Changpeng Zhao and Binance have vehemently denied these claims. The accusations raise significant concerns regarding potential conflicts of interest and financial improprieties, which will likely be subject to thorough investigation and scrutiny. It remains to be seen how these allegations will unfold and what further actions will be taken by regulatory authorities in response.