Binance's US Affiliate Pauses Direct Dollar Withdrawals Due to Regulations
Learn about Binance.US's suspension of direct dollar withdrawals. Find out the alternative methods for accessing your funds. Stay updated with the latest cryptocurrency news.
The United States branch of the popular cryptocurrency exchange, Binance, has temporarily halted the direct withdrawal of dollars by its clients from the platform. This decision comes as a response to regulatory challenges faced by the exchange.
Earlier in June, Binance.US had already suspended dollar deposits after the U.S. Securities and Exchange Commission (SEC) sought legal action, urging a court to freeze its assets. The regulatory body accused Binance of various charges, including engaging in deceptive practices, artificially inflating trading volumes, and redirecting customer funds.
According to the updated terms on Binance.US, customers who wish to withdraw U.S. dollar funds from their accounts can still do so by converting them into stablecoins or other digital assets. These alternative assets can subsequently be withdrawn from the platform.
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As of now, Binance.US has not provided an immediate response to inquiries made by Reuters regarding this development. The news was initially reported by Coindesk.
This development highlights the ongoing regulatory scrutiny faced by major players in the cryptocurrency industry, underlining the need for legal compliance and transparency within the sector.
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