Binance.US Halts US Dollar Deposits Amidst Banking Crisis

It’s been just revealed that Binance.US is halting the US dollar deposits amidst the banking crisis in which we are. Check out the latest reports about this below.

Binance.US says that it will be halting US dollar deposits and withdrawals in response to being sued by the U.S. Securities and Exchange Commission (SEC).

It’s also important to note the fact that Binance.US says it will temporarily become a crypto-only exchange platform.

This will most likely take place due to the SEC’s “ideological campaign” against the US digital asset industry.

“The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.”

The same notes also stated the following:

“As a result, in an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. We encourage customers to take appropriate action with their USD. Our priority is, and has always been, our customers.”

They continued and said this:

“We are taking these proactive steps as we – for a time – transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets.”

In other news, the crypto analytics platform Glassnode stated not too long ago that the regional distribution of Bitcoin (BTC) is seeing notable transformation amid changing investor behaviors.

The firm made sure to highlight the fact that the dominance of US entities in the Bitcoin market, which peaked between the years 2020 and 2021, is seeing a significant decline since around the time the price of BTC saw a massive drop last year.