A new statement came from Binance U.S., the US arm of Binance, which the SEC sued.
Beginning by stating that the SEC has started to use extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry, Binance US announced that it will stop its banking partners from paying USD.
The suspension of USD payments will come on the same day that the US court hears discussions regarding a temporary restraining order that includes the SEC's request to withhold the assets of Binance U.S.
It was stated that behind this decision was the SEC's request to the court to cease Binance US assets.
“The SEC's stance is creating challenges for the banks we work with.
As a result, to protect our customers and our platform, we are suspending USD deposits today and notifying our customers that our banking partners are preparing to discontinue fiat (USD) withdrawal channels as early as June 13, 2023."
Stating that their priority is always their customers, Binance US stated that they only took these proactive steps for a while.
Noting that they hold 1:1 reserves for all client assets, Binance US continued, “any interruption in withdrawals could be a result of increased volumes and weekend bank closures. Additionally, crypto trading, staking, deposits and withdrawals are fully operational. will stay." said.
Finally, reminding once again that they are open to an efficient and productive compromise that enables a thriving digital asset market to function and exist in America, the exchange stated that they will continue to strongly defend themselves, their customers and the crypto industry against the unfair attacks of the SEC.