2023-06-09 12:01:07
It looks like this is not going to be Binance US’s month. After the US Securities and Exchange Commission (SEC) filed a lawsuit against the company, the American subsidiary of Binance recently announced that it will stop accepting US dollar deposits. Importantly, this decision only affects the American platform.
The SEC’s strategy of intimidation works quite well
A Binance US sent a letter also informs its users that bank partners will soon suspend US dollar payments on June 13. That means customers have a few days to take the steps they want. In a letter sent to clients, Binance highlighted that the SEC is specifically conducting an aggressive campaign against the US crypto sector. And anyone can be a target in this tactic. This leaves only one step for Binance US banking partners. In other words, they suspend contact with the company if they do not want regulatory proceedings against them.
With this decision, Binance US will function exclusively as a crypto exchange within a very short time, without the possibility of depositing and withdrawing fiat money. Of course, all functionality remains in place and users’ devices are also safe. In any case, what you can see is that the SEC’s tactics seem to be working. They do not want to frame the regulatory environment. According to a Binance US internal source, banking partners are being intimidated and thus putting the crypto exchange in a hopeless situation. In any case, it is positive that, despite the news, the price of the native BNB token did not really shake, it maintains its price around $260.
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