Binance.US urged customers to withdraw money from the crypto exchange in a recent advisory.
It said its partner banks were preparing to close fiat withdrawal channels.
These measures are part of an “ideological campaign” against the US crypto industry, Binance said.
Binance’s US branch is urging customers to withdraw their money from the crypto exchange by next week as the Securities and Exchange Commission tightens the screws in its “ideological campaign” against the industry.
In a Tweeter On Thursday evening, Binance.US alerted customers that its banking partners would halt withdrawals by June 13, which could prevent the exchange from accepting deposits or issuing withdrawals in US dollars.
He urged US customers to withdraw all fiat money before the June 13 deadline, adding that withdrawals could take longer than usual due to high activity on the platform. Customer deposits are always safe, he said, because the assets are backed at a 1:1 ratio.
After June 13, Binance.US will become a crypto-only platform until it can find “more stable” banking partners, he said.
“The SEC has begun to use extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the US digital asset industry. Binance.US and our business partners have not been spared the use of these tactics. , which has created challenges for the banks we work with,” the exchange said in a statement.
“The SEC has brought wrongful civil lawsuits against our company, which we will continue to vigorously defend ourselves, our customers against,” he later added.
Binance is facing 13 charges from the SEC, after months of scrutiny by regulators for compliance with US securities laws. Among other violations, the SEC accused the company of misrepresenting trading controls on Binance.US, as well as secretly allowing “high-value” US customers to trade on Binance.com, although US customers are supposed to be banned from accessing its main platform. .
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