The Crypto Company Binance. US Will Suspend US Dollar Deposits as Its Banking Partners Prepare to Pause the Channels to Withdraw US Dollars From the Exchange, Days After Regulators Sued Binance
The crypto company Binance.US will suspend US dollar deposits as its banking partners prepare to pause the channels to withdraw US dollars from the exchange, days after regulators sued Binance.
It said on Thursday that it was taking “proactive steps” in its transition to a crypto-only exchange for the time being.
While trading, in cryptocurrencies, would continue, customers would be unable to deposit or withdraw US dollars from the exchange, as “our banking partners have signaled their intent to pause USD fiat channels as early as June 13, 2023”.
It has suggested US clients should withdraw their funds by June 13th but admitted that due to demand they may not be able to.
The hostile attacks on crypto by the US, are unlikely to stop crypto – but highly likely to damage the U.S. crypto industry, ensuring it sees an even greater amount of capital flee the U.S. It’s likely it will see stable coins like BRICSTether.com, backed by the new BRICS Digital Bank that’s launching, to see an influx of funds.