In the wake of a blistering lawsuit from the SEC, Binance.US notified users this evening that it would be pausing all customer withdrawals and transitioning, at least temporarily, to an all-crypto exchange.
In a statement the exchange, operated by BAM Trading, said that it would be suspending all USD deposits as banking partners prepared to pause USD withdrawals ‘as early as June 13 2023.’
Binance.US noted in their statement that they maintain 1:1 reserves for all customers, and that all operations are currently functioning.
The exchange encouraged customers to withdraw USD via bank transfer by June 13, 2023.
This is a breaking story and will be updated.
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Source: https://blockworks.co/news/binance-us-halt-usd-withdrawals