Find out how Binance US, the US subsidiary of the crypto exchange, is facing unprecedented pressure from the SEC.
In an ever-changing world, where digital currencies are making their way into the global economy, an unprecedented battle is raging. Binance US, the US subsidiary of crypto exchange Binance, finds itself at the heart of this storm that could change the course of the industry. It all began with the earth-shattering announcement of a lawsuit brought by the SEC, the US financial regulator, against Binance. And today, the consequences of this attack are beginning to be felt.
Binance to close dollar withdrawal!
In an official statement, Binance US revealed the devastating effects of SEC pressure. US banks are pulling out one after the other, leaving the crypto exchange without a dollar withdrawal gateway. It’s a slap in the face for Binance US, which is immediately suspending US dollar deposits from today, Friday June 9, 2023. Worse still, the exchange’s partner banks are preparing to close dollar withdrawal channels from June 13, 2023.
This precarious situation puts the business of US crypto exchange Binance US in jeopardy. Customers can no longer deposit or withdraw dollars, forcing them to seek alternatives. Many users are turning to rival platforms such as Coinbase or Kraken, which still enjoy the support of US banks for dollar transactions. It’s a race against time for Binance US, which has to find solutions quickly to preserve its reputation and customer base.
In a gesture of defiance towards the SEC, Binance US denounces the aggressive and intimidating tactics used by the US regulator. According to the crypto exchange, the SEC is waging an ideological campaign against the digital asset industry, seeking to dissuade banking and trading partners from collaborating with Binance. This battle is more than just a legal confrontation; it’s a clash between two opposing visions of the future of crypto-assets in the US.
However, this war between the SEC and Binance is more than just an internal conflict. It highlights the regulatory issues that preoccupy the entire crypto industry in the United States. As the SEC’s lawsuits against Binance and Coinbase multiply, many of the industry’s major players are calling for regulatory clarity. Decisions in these cases could shape the cryptoasset landscape and determine its future in the USA.
While this battle rages on, the price of BNB, Binance’s flagship asset, remains strangely stable at around $262.