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Binance.US, Binance’s U.S. affiliate that claims to operate independently, said late Thursday that it is suspending U.S. dollar deposits “to protect” its customers and platform.
The exchange announced the decision on Twitter, after the U.S. Securities and Exchange Commission on Tuesday asked a judge to grant a temporary restraining order to freeze assets tied to Binance.US.
Binance.US’s banking partners are also preparing to pause U.S. dollar withdrawal channels as early as June 13, according to the exchange.
Volume on Binance.US hasn’t changed much as of 6 a.m. Eastern time on Friday, according to data from Kaiko.
On Monday, the SEC charged Binance Holdings Ltd. and its founder Changpeng Zhao with 13 securities law violations.
The SEC alleged that Binance “secretly allow[ed] high-value U.S. customers” to trade on the platform in violation of U.S. securities laws which bar unregistered exchanges from servicing U.S. customers.
The SEC also alleged that Binance launched a U.S.-only platform in 2019 to insulate itself from regulatory scrutiny.
Binance responded to the enforcement action in a blog post, berating the regulator for bringing the complaint after Binance “engaged in extensive good-faith discussions to reach a negotiated settlement to resolve their investigations.”
Bitcoin
BTCUSD,
gained 0.7% over the past 24 hours to about $26,678 on Friday, according to CoinDesk data. Binance Coin was flat at around $263 on Friday.
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