SNEAK PEEK
- Binance.US takes action to protect customers by suspending USD deposits.
- The platform is also preparing for transition to a crypto-only exchange.
- The platform assures 1:1 reserves for all customer assets and maintains full functionality for trading, staking, and crypto transactions.
Binance.US, a digital asset exchange, has announced significant measures to safeguard its customers and platform amidst what it calls aggressive and intimidating tactics by the U.S. Securities and Exchange Commission (SEC). These tactics have been part of the SEC’s ideological campaign against the American 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. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US ?? (@BinanceUS) June 9, 2023
In response to the challenges posed by the SEC, Binance.US has taken proactive steps to protect its customers. The platform has temporarily suspended USD deposits and is preparing for a transition to become a crypto-only exchange. The move aims to ensure a secure environment for users while countering any potential disruptions caused by the SEC’s actions.
Binance.US emphasizes its commitment to its customers by assuring them that all customer assets are backed by 1:1 reserves. Although there may be delays in processing withdrawals due to increased volumes and weekend bank closures, trading, staking, and crypto transactions remain fully operational on the platform.
To navigate the ongoing situation, Binance.US urges customers to take appropriate action with their USD holdings, as banking partners are preparing to pause fiat (USD) withdrawal channels from June 13, 2023.
While defending itself against the SEC’s meritless attacks, Binance.US remains open to a productive compromise that enables a thriving digital asset marketplace in America. The platform asserts its dedication to vigorously protecting its customers, industry, and the principles that underpin the digital asset ecosystem.
As Binance.US makes these strategic adjustments, it reaffirms its commitment to prioritize the safety and interests of its users and endeavors to continue providing a reliable and innovative platform for digital asset trading.
