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Binance.US suspends dollar deposits after authorities crackdown

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Binance crypto exchange Following U.S. officials suing Binance and its CEO Changpeng Zhao, the U.S. said on Thursday that it would freeze U.S. dollar deposits and that its banking partners will halt fiat dollar withdrawal channels on June 13.

The world’s largest crypto exchange’s U.S. branch tweeted at 10:33 p.m. EDT (0233 GMT Friday) that it is taking “proactive steps” to become a crypto-only exchange.
The exchange informed customers that crypto trading, staking, deposits, and withdrawals would continue.

ON TUESDAY, the SEC sued Binance and its founder Zhao on Monday and Coinbase (COIN.O), the largest U.S. cryptocurrency platform.

After FTX collapsed last year, U.S. regulators intensified their onslaught on the business.

A U.S. SEC filing to a federal court on Thursday stated that U.S. financial officials backed a Binance asset freeze.

“Binance.US business is much smaller than overseas. “Halting withdrawals will cause a lot of worry and panic,” said Matthew Dibb, COO of Singapore crypto platform Stack Funds.

“But day after day for the last week, Binance has been hit with various types of comments and issues from the SEC and regulators, so this was really expected.”

Bitcoin fell slightly to $26,496 throughout the Asian day on Friday.

After dropping to an almost two-month low of $25,350 earlier in the week as the SEC crackdown fueled concerns, it was poised for a 2% weekly loss.

BNB is down 0.46% to $261.46.

“The response has been rather muted. “Either the market has shrugged it off, or it hasn’t gotten a handle on it,” said I.G. Markets market analyst Tony Sycamore.

Binance.US tweeted Thursday that the SEC’s cryptocurrency policy is “extremely aggressive and intimidating” and that it will “vigorously defend ourselves, our customers, and industry against the meritless attacks of the SEC.”

Following the litigation, the crypto sector has targeted U.S. SEC chief Gary Gensler, who denied that the agency aims to squash the industry.

“As regulatory scrutiny continues, exchanges, stablecoin issuers, and industry players will further specialise in different roles to collectively provide the best user experience,” said Wayne Huang, Co-founder, and CEO of XREX Inc., a blockchain-enabled financial institution operating the XREX USD-crypto exchange.

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