{"id":7550,"date":"2023-06-09T06:33:30","date_gmt":"2023-06-09T06:33:30","guid":{"rendered":"https:\/\/www.bitrabo.com\/community\/binance-us-stops-all-usd-transfers-due-to-sec-action\/"},"modified":"2023-06-09T06:34:03","modified_gmt":"2023-06-09T06:34:03","slug":"binance-us-stops-all-usd-transfers-due-to-sec-action","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/binance-us-stops-all-usd-transfers-due-to-sec-action\/","title":{"rendered":"Binance US Stops USD Transfers Following SEC Lawsuit"},"content":{"rendered":"\n<div>\n<p>Binance US continues to receive bad news. The US Securities and Exchange Commission (SEC) recently filed a lawsuit against the US branch of Binance, which has now led to the suspension of USD deposits on the exchange.<\/p>\n<p>Binance US has also notified its customers that its banking partners may suspend fiat (USD) withdrawal services as soon as June 13. Customers using the US exchange (not including the international trading platform) will be unable to withdraw US dollars from that day onward.<\/p>\n<p>The exchange urges its clients and its employees to take appropriate action with their USD. The message also points out that the SEC is using \u201cextremely aggressive and intimidating tactics\u201d in its \u201cideological campaign\u201d against the US digital asset industry. Binance.US is amongst those affected by these tactics that have disrupted operations of its business partners.<\/p>\n<p>The SEC has apparently coerced Binance\u2019s banking partners to cease cooperation to avoid being a regulatory target; thus, Binance US is missing a crucial function, the fiat on\/off ramp, and only became a cryptocurrency exchange.<\/p>\n<blockquote>\n<p><strong>\u201cOur priority has always been our customers\u2026 we maintain 1:1 reserves for all customer assets\u2026 however, Binance US still retains all other exchange features. Trading, staking, deposits and withdrawals in cryptocurrency will remain fully operational.\u201d<\/strong><\/p>\n<\/blockquote>\n<p>Meanwhile, the BNB price seems unaffected by the news, currently trading at $260.4.<\/p>\n<p>While the Binance US team assures customers that it will ensure a thriving digital asset market in America and will \u201cvigorously defend against the SEC\u2019s unfounded attacks,\u201d the regulator currently holds the upper hand as Binance\u2019s decision was because of SEC intimidation tactics used in the banking sector. Adam Cochran, partner at venture capital firm Cinneamhain Ventures (CEHV), also questions the US regulator\u2019s motives in influencing USD transfers.<\/p>\n<figure id=\"attachment_238113\" aria-describedby=\"caption-attachment-238113\" style=\"width: 3625px\" class=\"wp-caption aligncenter\"><figcaption id=\"caption-attachment-238113\" class=\"wp-caption-text\">BNB price at crucial support, 1-day chart | Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/CN8lgIIz\/\">BNBUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>Featured image from Investor Junkie, chart from TradingView.com<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance US continues to receive bad news. The US Securities and Exchange Commission (SEC) recently filed a lawsuit against the US branch of Binance, which has now led to the suspension of USD deposits on the exchange. Binance US has also notified its customers that its banking partners may suspend fiat (USD) withdrawal services as [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7552,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Binance US Stops USD Transfers Following SEC Lawsuit - Bitrabo","description":"Binance US continues to receive bad news. The US Securities and Exchange Commission (SEC) recently filed a lawsuit against the US branch of Binance, which has n"},"footnotes":""},"categories":[316],"tags":[1595,347,557,520,1672,1393,1673],"class_list":["post-7550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-action","tag-binance","tag-due","tag-sec","tag-stops","tag-transfers","tag-usd"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/7550","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=7550"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/7550\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/7552"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=7550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=7550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=7550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}