Recall that the Securities and Exchange Commission (SEC) has filed a lawsuit against the exchange Binance and its founder Changpeng Zhao, and later a similar lawsuit was filed against the exchange Coinbase. The regulator also issued an order to freeze the assets of Binance.US. Therefore, the bank partners of the site can not process payments in fiat currencies.
“As a result of these actions, to protect our customers and the platform, we are suspending deposits in U.S. dollars. Banking partners prepare to suspend fiat currency withdrawal channels as early as June 13, 2023. We encourage all customers to take appropriate steps to withdraw U.S. dollars by that date,” the exchange said in a statement.
It is also noted that because of such decisions, Binance.US will shut down trading in U.S. dollar pairs. At the same time, steblecoin pairs will continue to function. Representatives of the site warned that the withdrawal of fiat funds may be delayed due to the increased volume of transactions and weekends.
Earlier, SEC Chairman Gary Gensler said the cryptocurrency market is full of dishonest merchants and fraudsters.