Due to issues with its banking links, the exchange has temporarily stopped accepting deposits in US dollars.
Binance, a cryptocurrency exchange located in the United States, stated on Thursday (June 8) that it would no longer accept deposits in U.S. dollars because the US banks it was using to withdraw USD are planning to do so as of June 13th.
Customers may do instantaneous monetary and cryptographic currency conversions. Signature Bank and Silvergate Bank, two now-defunct regional banks, developed 24/7 payment systems that enabled exchanges to perform this conversion over the weekends and at night.
Binance.Customers in the United States who want to pay in dollars cannot do so even during business hours. The platform is working towards becoming a cryptocurrency exchange only.
Coinbase, another cryptocurrency exchange at odds with the SEC, said earlier this week that it would continue operating as usual. To the best of anyone’s knowledge, Coinbase can maintain banking links in the United States.
Furthermore, the exchange can empower crypto investors and put other investors in danger if it can carry the matter to the Supreme Court.
Binance.US seems not to share Coinbase’s enthusiasm for fighting the SEC. Over-the-counter trading has been halted, and various cryptocurrency trading pairs have been withdrawn from the exchange’s website. Today (June 9), Robinhood, a cryptocurrency trading site, said it would stop supporting Polygon, Solana, and Cardano on June 27. The SEC mentioned All of these tokens in its complaint against Coinbase.
Also Read: ‘Uncertain scale’ of SEC charges is cited as the reason for Moody’s downgrading of Coinbase
