SEC Lawsuit Forces Binance US to Halt Dollar Deposits: Is this the Turning Point?

By alberdioni8406 | Barraca Crypto | 10 Jun 2023

The impact of Gary Gensler and his team is already being felt after suing Binance for alleged securities trading and other violations of securities market laws. The directly affected platform has announced that it will suspend dollar deposits on the platform.

According to the disclosing source, this action will take effect because banking partners are stopping with support for USD on the platform, so the action should be immediate as until June 13th all channels may be closed, and the company has already sent a statement to customers with Binance US accounts. The the statement advises customers to be aware that due to the high volume demand of dollar withdrawals on the platform, it would be best to anticipate and withdraw funds using the means provided by the exchange.

It is widely known that Binance US, along with its founder CZ, are facing accusations from the regulator, the SEC, and since then, many things have happened. For example, the exchange started delisting several trading pairs from the platform, and the legal team has been facing ups and downs in trying to resolve the hot potato of the regulator's accusations.

Yesterday, Binance's lawyers accused the current SEC chairman of attempting to secure a crypto consulting job at the exchange in 2019, which was presumably denied, and then taking office as the chairman of the Securities and Exchange Commission appointed by President Joe Biden in 2021.

Since then, the chairman has been waging a full-on "war" against the crypto industry in America, vowing that those who fail to comply with the law will pay a heavy price. And they are already paying! As we can see, the exchange was compelled to suspend deposits today and has requested that customers with dollars on the platform make withdrawals.

So, what now? Is the beginning of the end for Binance US approaching? Or is there still room for the exchange to fight back? Comment below, and let's discuss the matter together, as your input is important.


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