Binance.US To Be Cut Off From The Banking System, Stops US Institutional Exchange

Binance.US is being cut off from the United States banking system in the fallout from a US Securities and Exchange Commission (SEC) lawsuit against the crypto exchange.In an email to customers, Binance.US said its payment and banking partners have signaled an intent to pause US dollar fiat channels as early as June 13, Bloomberg reported. “Our ability to accept USD fiat deposits and process USD fiat withdrawals will be impacted,” the company said, while adding that it maintains 1:1 reserves for all customer assets.The SEC has already filed a motion to freeze Binance.US funds.Meanwhile, Singapore-based crypto exchange will no longer be offering its services to institutional clients in the United States, effective June 21, the company announced Friday.The company cited “limited demand” for the product as the key reason behind the shut down.Other United States-based services and exchanges are also starting to feel the regulatory heat. For example, major trading platform Robinhood announced that it is going to delist ADA, SOL, and MATIC tokens from its platform on June 27, 2023.

Bloomberg Article / Archive
Blockworks Article / Archive
Robinhood Notice / Archive

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