17-10- 2023 (WASHINGTON) Binance’s U.S. division has recently updated its terms to suspend client withdrawals in U.S. dollars from its platform, marking another significant development in the ongoing legal battles faced by the cryptocurrency exchange.
This move comes after Binance.US had previously ceased accepting dollar deposits back in early June, following a request from the U.S. Securities and Exchange Commission (SEC) to freeze its assets. The updated terms now state that should customers desire to withdraw U.S. dollar funds from their accounts, they must first convert those funds into stablecoins or other digital assets, which can then be withdrawn.
As of the time of this report, Binance.US has not responded to Reuters’ request for comment regarding these changes, but the news initially surfaced through a report by Coindesk.
The legal woes for Binance and its executives, including CEO and founder Changpeng Zhao, began to intensify when the SEC filed a lawsuit in June. The lawsuit contained a total of 13 charges, alleging that Binance had orchestrated a “web of deception,” manipulated trading volumes, and redirected customer funds.
