SEC Actions Result in Suspension of U.S. Dollar Withdrawals on Binance.US
Binance.US, the American branch of cryptocurrency exchange Binance, has updated its terms of service to state that it will no longer permit dollar withdrawals. Users will now have to convert their dollar funds into stablecoins or other digital assets in order to withdraw them. This move comes after Binance.US previously paused dollar deposits due to escalating tensions with the United States Securities and Exchange Commission (SEC). The SEC has accused Binance of operating an unregistered digital asset securities exchange and making misleading statements about its business. Binance has defended itself, claiming that the SEC’s accusations are unfounded and highlighting the lack of evidence presented by the regulatory body. The court has refused to grant the SEC’s request for a Temporary Restraining Order against Binance.US. The outcome of this legal battle has broader implications for the cryptocurrency industry as it could shape the regulatory environment for other exchanges operating in the US. The situation also emphasizes the importance of self-custody for bitcoin and the risks of keeping funds on an exchange that is prone to legal challenges..
#Binance.US #Stops #U.S #Dollar #Withdrawals #SEC #Actions
Binance.US, the American branch of cryptocurrency exchange Binance, has updated its terms of service to state that it will no longer permit dollar withdrawals. Users will now have to convert their dollar funds into stablecoins or other digital assets in order to withdraw them. This move comes after Binance.US previously paused dollar deposits due to escalating tensions with the United States Securities and Exchange Commission (SEC). The SEC has accused Binance of operating an unregistered digital asset securities exchange and making misleading statements about its business. Binance has defended itself, claiming that the SEC’s accusations are unfounded and highlighting the lack of evidence presented by the regulatory body. The court has refused to grant the SEC’s request for a Temporary Restraining Order against Binance.US. The outcome of this legal battle has broader implications for the cryptocurrency industry as it could shape the regulatory environment for other exchanges operating in the US. The situation also emphasizes the importance of self-custody for bitcoin and the risks of keeping funds on an exchange that is prone to legal challenges..
#Binance.US #Stops #U.S #Dollar #Withdrawals #SEC #Actions
