Binance.US Suspends Use of Fiat as Legal Troubles Mount

The exchange says users should withdraw USD as soon as possible as the Securities and Exchange Commission engages in "extremely aggressive and intimidating tactics" against the company.

AccessTimeIconJun 9, 2023 at 4:07 a.m. UTC
Updated Jun 9, 2023 at 3:49 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Binance.US says it's transitioning to an all-crypto exchange as of June 13, citing pressures from the U.S. Securities and Exchange Commission (SEC), which targeted the company with a major enforcement action this week.

In a tweet, the U.S. arm of Binance said it's temporarily transitioning to an all-crypto exchange, and the company said trading, staking, deposits and withdrawals in crypto remain fully operational.

USD deposits will be suspended as of June 9, and USD-based trading pairs will be de-listed shortly after, the exchange said.

“While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, Binance.US will continue to vigorously defend ourselves, our customers and the industry against the meritless attacks of the SEC,” the exchange tweeted.

Binance's BNB coin remains stable at $260.24. The token, which was accused of being a security by the SEC, is down 15% over the last week.

On Tuesday, the SEC filed for a temporary restraining order to freeze certain assets tied to Binance.US. The two are due back in court on June 13 regarding the matter — the same day Binance.US says it's transitioning to an all-crypto exchange.

The SEC has also accused Binance of directing $12 billion to firms controlled by CEO Changpeng Zhao, a claim that Zhao and Binance both deny.

Edited by Jesse Hamilton.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.