Close Menu
    X (Twitter)
    Blockchain Journal
    • News
      • Blockchain News
      • Bitcoin News
      • Ethereum News
      • NFT
      • DeFi News
      • Polkadot News
      • Chainlink News
      • Ripple News
      • Cardano News
      • EOS News
      • Litecoin News
      • Monero News
      • Stellar News
      • Tron News
      • Press Releases
      • Opinion
      • Sponsored
    • Price Analisys
    • Learn Crypto
    • Contact
    • bandera
    Facebook X (Twitter) Instagram
    Blockchain Journal
    Home » Binance US Suspends USD Deposits, Withdrawal Suspension to Follow

    Binance US Suspends USD Deposits, Withdrawal Suspension to Follow

    0
    By Atiq Ur Rehman on June 9, 2023 Companies, News
    Binance US Suspends USD Deposits, Withdrawal Suspension to Follow
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Binance.US, the US arm of the world’s largest crypto company and exchange, Binance, has suspended USD deposits for its US customers, with withdrawal suspension to follow soon.

    On Friday, June 9th, the Twitter handle of Binance US shared a notification sent to its customers stating that the exchange’s payment and banking partners had signaled their intentions to pause USD fiat channels as the SEC is not even sparing its business partners in its “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

    The exchange said:

    “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.”

    According to the notification, Binance US has already halted the USD deposits and encouraged the users to withdraw their fiat deposits via ACH bank transfer by June 13th. The company warned that ACH withdrawals might take several days to process due to high volumes and weekend bank closures. The exchange will maintain 1:1 reserves for all customers’ assets.

    Crypto Services to Remain Fully Operational

    As per the notification, beginning the next week, the exchange will also delist all USD trading pairs, while support for stablecoin pairs will continue. Any remaining USD balance on the exchange after June 15th will be converted to stablecoins that can be withdrawn on-chain.

    However, all cryptocurrency services will remain operational as usual, including trading, staking, and crypto deposits and withdrawals. Binance US said it would remain a crypto-only exchange until it secured other banking partners.

    Binance Crypto Services to Remain Fully Operational

    While the SEC alleged that Binance redirected assets to funds owned by CZ as FTX did, the crypto community appreciated this Binance US’ transparency move and said that Binance is far different from FTX.

    As reported, the US SEC sued Binance and its CEO CZ on June 5th  for violating security laws. The company reiterated that it would vigorously defend itself, its customers, and the crypto industry against “the meritless attacks of the SEC.”

    CZ Internal Letter Asks Employees to be Careful with Chat

    On Thursday, June 8th, CZ sent an internal letter to talk about the employee chat records disclosed by the SEC.

    SCOOP: Binance CEO CZ released an internal letter today to talk about the employee chat records disclosed by the SEC, saying that it has caused huge damage to the reputation; reminding employees that investigators will ask for your chat logs. And he cited this tweet first… pic.twitter.com/41g9KSIi93

    — Wu Blockchain (@WuBlockchain) June 8, 2023

    He shared with employees a tweet containing the chat log of two former Binance executives who looked unhappy with their job at Binance and talked about compliance circumvention at the company.

    1/15

    Evidence from SEC case against Binance including internal chat logs, first between Sam Lin (former compliance lead at Binance) and Alivn (previously head of BD)

    First is their convo about equity bonuses where Sam talks about risks of holding BNB pic.twitter.com/96IfwJEUOT

    — Adam Cochran (adamscochran.eth) (@adamscochran) June 7, 2023

    Although the chat log is about two guys ranting privately five years ago, CZ said it is extremely damaging to the reputation and will be used in the courtroom. In the letter, he wrote:

    “In tough times, let’s keep our heads down and keep building products people use. While we may still see other chat logs of disgruntled employees ranting, or other things we (or I) were not careful with saying in the past, they will also find that we continue to hold ourselves to a high ethical standard and, most importantly, we have always gone above and beyond to protect our users.”

    Binance US Featured SEC
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Atiq Ur Rehman
    • X (Twitter)
    • LinkedIn

    Atiq is a Electronics Engineer with a passion for writing about disruptive technologies, including blockchain. With a deep understanding of the technical aspects of emerging technologies and their potential to transform industries, this author brings a unique perspective to the world of cryptocurrency and blockchain.

    Related Posts

    Kraken acquires Breakout and accelerates plans: is it paving the way for an IPO?

    September 4, 20253 Mins Read

    WLFI plummets: traders bet on new lows after a 47 million burn and weakened demand

    September 3, 20252 Mins Read

    Ondo Finance launches more than 100 tokenized stocks and ETFs to expand on‑chain access

    September 3, 20253 Mins Read

    CFTC gives green light to QCX: Polymarket returns to the U.S. through a regulated vehicle

    September 3, 20253 Mins Read

    HBAR rises 3% after volume spike: technical signals point to a possible breakout

    September 3, 20253 Mins Read

    PayPal enables crypto for 650 million users: what really changes

    September 3, 20253 Mins Read

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 Blockchain Journal

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.