Binance.US to halt USD deposits as it shifts to crypto-only model

Binance.US is halting USD deposits and its banking partners are preparing to pause USD withdrawal channels as early as June 13, as the exchange transitions to a cryptocurrency-only platform amid regulatory scrutiny. Deposits that have been initiated already will be processed. Any USD balances remaining on the platform after June 15 may be converted to stablecoin that can be withdrawn on-chain. Binance.US will delist USD pairs, including ( BTC-USD ), starting next week, but will continue to support stablecoin pairs. "The SEC has taken to using extremely aggressive tactics in its pursuit of an ideological campaign against the American digital asset industry," the company tweeted . "Binance.US and our business partners have not been spared, which has created challenges for the banks with whom we work." Binance.US will maintain 1:1 reserves for all customer assets. Crypto trading, staking, deposits and withdrawals remain operational. "Until we secure more stable banking partners, Binance.US will remain a crypto-only exchange - at least for a time," it said. Earlier this week, the SEC sued Binance and its CEO Changpeng Zhao for allegedly violating securities laws. In March, the CFTC accused the platform of breaching trading and derivatives rules. More on the Crypto Crackdown Crypto prices suffer as SEC sues Binance Binance.US pauses OTC Trading portal Making The Case For Crypto, Or Not Binance: The SEC Strikes (Again)