A friend of mine received this email from Binance this AM.
Dear Valued Customer,
As you may be aware, Binance.US, alongside other companies in our industry, has become the target of aggressive tactics by the United States Securities and Exchange Commission (SEC). The SEC has brought unjustified civil claims against our business, from which we will continue to vigorously defend ourselves, our customers, our partners and industry.
Irrespective of the baseless claims, and in light of the Commission’s increasingly aggressive tactics, our payment and banking partners have signaled their intent to pause USD fiat channels as early as June 13, 2023, meaning our ability to accept USD fiat deposits and process USD fiat withdrawals will be impacted. As part of our customer-first commitment, we are notifying users promptly so you can take necessary actions as we transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets, so customer funds are always safe, secure, and available.
Please note the following changes that will impact the platform:
ACH WITHDRAWALS: We encourage customers to withdraw their USD via bank transfer (ACH) by June 13, 2023. Due to elevated volumes and weekend bank closures, ACH withdrawals may take longer than usual to process (e.g. up to several days); we appreciate your patience. USD DEPOSITS: To ensure a timely USD withdrawal process, we are suspending USD deposits and recurring buy orders today and beginning the transition to a crypto-only exchange. Any deposits already initiated will be processed. USD TRADING PAIRS: Beginning next week, we will start delisting USD pairs (e.g., BTC-USD) on our platform, while continuing to support stablecoin pairs (e.g., BTC-USDT). USD BALANCES: Any USD balances remaining on the platform after June 15, 2023 may be converted to stablecoin that can be withdrawn on-chain. Cryptocurrency services remain fully operational, including: crypto trading, staking, deposits and withdrawals. Until we secure more stable banking partners, Binance.US will remain a crypto-only exchange–at least for a time. We will continue to provide you with updates via our status page.
Thank you for your continued support as we fight for a path forward for those who want a thriving digital asset marketplace in America.
The Binance.US Team
This is why the DS hates crypto. They can stop USD withdrawals, but they can't stop crypto
Correct. There are plenty of other exchanges that will still do business in the US besides Bianace and CB. It will be interesting to see if this scares people into switching exchanges or withdrawling completely.
Kraken?
The Deep State hates gold and silver - the only honest money....hated by dishonest men.
My credit union just posted on social media about entering the crypto space with Bitcoin. My financial advisor laughed at me when I told him about investing in crypto 10 years ago, but now he's shilling for it.
Nary a word about protecting your wealth with real assets. Consider why that would be.
They need to stop fiat outflows. If no longer fiat they no longer can track but more importantly tax it. They're also attempting to keep as much money in the system so they can stop the bank liquidity issues they are experiencing now.