SUMMARY
- Beginning June 13, Binance.US will suspend the usage of U.S. dollars for crypto transactions.
- The decision comes in the wake of SEC's allegations of contravening U.S. securities laws against Binance and its founder, Changpeng Zhao.
- Despite the changes, Binance guarantees the safety of customers' funds, suggesting the conversion of balances to a stablecoin.
![broken image](http://custom-images.strikinglycdn.com/res/hrscywv4p/image/upload/c_limit,fl_lossy,h_9000,w_1200,f_auto,q_auto/9596329/795292_780726.jpeg)
The future of cryptocurrency trading on Binance.US is about to undergo a monumental shift. Starting from June 13, customers in the United States will no longer be able to use the US dollar for purchasing crypto-assets on the platform, severely impacting the exchange's operations within the country. This unsettling development follows indications from both payment and banking partners of a probable hiatus on USD fiat channels, according to a statement released by the exchange.
Late Thursday night, Binance broke the news on Twitter, attributing the impending change to the "unfounded civil accusations against our operations" by the Securities and Exchange Commission (SEC). To preempt this shift, the exchange has proactively disabled the feature allowing customers to buy or deposit U.S. dollars.
Binance and its founder, Changpeng Zhao, have found themselves in the eye of a storm stirred by the SEC, which accuses them of contravening U.S. securities laws. The focus of this controversy centers on the banking transactions of Binance.
The international networking and interplay of the U.S. and overseas arms of Binance, consisting of offshore holding companies allegedly involved in multi-billion-dollar asset transfers, provoked the SEC to lodge an urgent request for a temporary restraining order. This move, if granted, would have already seized U.S. dollars flowing into the exchange.
Nevertheless, Binance assures that customers will not lose their funds. Those who do not withdraw by the stipulated date could theoretically transmute their balance to a stablecoin like tether, withdraw it, and convert it back to dollars on a different platform. This strategy, however, indicates that the revelations from the SEC lawsuit have become impossible to overlook, leading to Binance's banking partners considering the exchange as an overly precarious client.
WOM Money Picks
Be a part of the winning team | 81% Success Rate.