Binance, a cryptocurrency exchange, has stated that it would no longer accept funds in US dollars.
Binance asked its customers to withdraw their deposits in US dollars by the beginning of next week, after a fine from the US authorities.
The US Securities and Exchange Commission charged the crypto giant with securities law violations on Monday, calling its conduct “malfeasance and attempted evasion.”
Binance is accused of allowing US nationals to trade even though the platform is not registered as a securities exchange in the US. The corporation is also accused of misappropriating consumer payments, according to the complaint.
Binance America said on Twitter that it is halting US dollar withdrawals and notifying consumers that our banking partners are also planning to suspend US currency withdrawal channels beginning June 13.
He further said that currently we are a major crypto money transfer company and therefore we are taking these proactive steps. “We encourage customers to withdraw their US dollars by bank transfer by June 13,” the exchange said in a note to clients.
The US Securities and Exchange Commission has filed 13 charges against Binance in its complaint, including the platforms as well as the venture capitalists managed by its founder, Cheng Peng Zahu.
The commission on Tuesday asked the courts to freeze assets linked to the company and Chengpeng Zaho, who was once seen as a rival to notorious crypto tycoon Sam Bankman Fried.
Binance criticised the US Securities and Exchange Commission’s actions on Thursday, saying it will continue to forcefully defend itself, its clients, and the industry against the SEC’s unfair attacks. The prosecution follows claims made against Binance by the Commodities Futures and Exchange Commission in March.
