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Binance.US suspends USD deposits, warns of withdrawal halt amid SEC suit

Investing.com-- Binance.US, the American arm of the global cryptocurrency exchange Binance, announced that it will suspend dollar deposits and warned its customers of a potential halt to withdrawal channels by as early as next week, as it grapples with increased regulatory pressure.

Dollar withdrawals could be suspended as early as June 13, 2023, Binance.US said in a tweet, just a few days after Securities and Exchange Commission (SEC) sued the company, its global parent and founder Changpeng Zhao.

Binance.US said it SEC suit had "created challenges" with its banking partners, and that it was urging customers to take "appropriate action" with their dollars.

The company said that trading, staking, deposits, and withdrawals in cryptocurrencies will remain fully operational.

"We are taking these proactive steps as we–for a time–transition to a crypto-only exchange," Binance.US said in an announcement on Twitter.

The SEC had earlier this week sued Binance, Binance.US, and Zhao for allegedly commingling customer funds, artificially inflating volumes, and running an illegal exchange. The regulatory body also accused U.S. exchange Coinbase (NASDAQ:COIN) of operating an illegal exchange earlier this week.

Zhao criticized the SEC's lawsuit while denying all allegations. He expressed his commitment to defending Binance.US, its customers, and the digital asset industry as a whole against what he considers meritless attacks by the SEC.

The SEC lawsuit follows a similar suit by the Commodity Futures Trading Commission earlier this year, which had also accused Binance of flouting U.S. laws. This comes amid a broader U.S. regulatory crackdown on the crypto industry, following a string of high-profile bankruptcies and scams over the past year.

Binance's native token, BNB, was flat on Friday after logging steep losses this week. The broader crypto market was also muted, with world no.1 crypto Bitcoin rising 0.3%.

Disclaimer: This article was published with the assistance of an artificial intelligence tool.

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