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Binance.US to go ‘crypto-only’ as banking partners cut ties announced on June 9 that it will be transitioning to a crypto-only exchange for now.

The move comes as its payments and banking partners suspended USD channels due to a Securities and Exchange Commission (SEC) lawsuit against Binance and related entities alleging violations of securities laws, including operating as an unregistered exchange. Were.

Binance.US said that its banking partners intend to close all USD payment channels by June 13. The exchange advised users to withdraw USD balances via bank transfer before the deadline.

It warned that withdrawal processing could be delayed due to the expected high volume of requests and weekend bank closures.

The exchange has suspended USD deposits and recurring buy orders and will begin delisting USD trading pairs next week. The exchange said that USD balances on Binance.US will be converted to the stablecoin after June 15.

Binance.US said that crypto trading, staking, deposits and withdrawals remain functional. The exchange will be crypto-only until new banking partners are found.

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