Binance.US, in response to the aggressive tactics employed by the Securities and Exchange Commission (SEC) in its ideological campaign against the American digital asset industry, on its official Twitter handle has announced the suspension of USD deposits and impending fiat (USD) withdrawal pause.
The exchange cites the need to protect its customers and platform amidst the challenges created by the SEC’s actions. While transitioning to a crypto-only exchange temporarily, Binance.US assures its customers of maintaining 1:1 reserves for all customer assets, with crypto-related services remaining fully operational.
Binance Prioritizing Customer Protection And Defending the Digital Asset Industry
Binance.US’s proactive steps aim to prioritize customer interests and ensure the security of their assets. The suspension of USD deposits and notification regarding the impending pause in fiat withdrawal channels come as a defensive measure to address the challenges posed by the SEC’s aggressive tactics. The exchange encourages its customers to take appropriate action with their USD holdings in light of these developments.
Despite the temporary suspension of USD-related services, Binance.US emphasizes that trading, staking, deposits, and withdrawals in cryptocurrencies will continue to operate without interruption. The exchange assures its customers that any potential downtime in processing withdrawals may be attributed to elevated volumes and weekend bank closures.
”Our priority is, and has always been, our customers. We are taking these proactive steps as we–for a time–transition to a crypto-only exchange,” the exchange said. “To be clear, we maintain 1:1 reserves for all customer assets. Any downtime in processing withdrawals may be the result of elevated volumes and weekend bank closures. Moreover, trading, staking, deposits and withdrawals in crypto remain fully operational.”
BNB struggles to hold above $260 support | Source: BNBUSD on TradingView.com
While Binance.US expresses openness to a productive compromise that enables a thriving digital asset marketplace in America, it vows to vigorously defend itself, its customers, and the industry against what it considers meritless attacks by the SEC. The exchange remains committed to protecting its customers’ interests and ensuring the continued growth and development of the digital asset ecosystem.
In conclusion, the recent developments surrounding Binance.US and its response to the Securities and Exchange Commission (SEC) demonstrate the exchange’s unwavering commitment to its customers and the digital asset industry. Customers are urged to take appropriate action with their USD holdings in response to the SEC’s aggressive tactics as early as June 13,2023.
Meanwhile, Binance’s native token BNB has continued to struggle in the market. The digital asset crashed over 10% when the SEC first announced its lawsuit and has seen mounting selling pressure since. It is currently trading at a price of $262.76, down 0.86% in the last 24 hours.
Featured image from BBC, chart from TradingView.com