Banks cut fiat on-ramps for Binance US, dollar deposits suspended
Crypto exchange Binance US has informed users that US dollar deposits will be suspended and that banks providing fiat (dollar) on-ramps will sever services as early as June 13, just a few days after the Securities and Exchange Commission (SEC) slapped Binance and its chief exec with a lawsuit. In a tweet on June 9, Binance’s US arm warned customers they should withdraw their USD by bank transfer by June 13. “To ensure a timely USD withdrawal process, we are suspending USD deposits and recurring buy order today,” it said, and assured users that its cryptocurrency services “remain fully operational.” It remains unclear which banking partners Binance US has, however publicly known partnerships include Axos Bank, Cross River Bank, and failed banks Silvergate, Signature, and Silicon Valley Bank. Binance US slams SEC in tweet as banks get spooked Binance US added that it plans to transition to a crypto-only exchange and reiterated that it maintains “1:1 reserves for all customer assets...