Binance.US has announced that its recent actions are aimed at safeguarding customers and the platform in response to what it describes as "highly assertive and intimidating strategies" by the SEC.

Binance.US recently made an announcement regarding the temporary suspension of United States dollar deposits. Additionally, the company has informed its customers that there will be a temporary pause in fiat (USD) withdrawal channels, which may begin as early as June 13.

On June 9th, Binance.US made an announcement stating that it was compelled to respond to the "highly assertive and threatening strategies" employed by the United States Securities and Exchange Commission (SEC).

The company has announced that it will temporarily halt the acceptance of USD deposits in order to safeguard its customers and the platform. Additionally, Binance.US has informed its users that its banking partners are getting ready to temporarily suspend the withdrawal of fiat currency (USD) starting from June 13, 2023.

The company stated its intention to shift towards becoming an exclusively crypto-based exchange while ensuring that customer assets maintain a 1:1 ratio.

The notice also issued a warning that potential delays in handling withdrawal requests in the future "could be due to increased transaction volumes and the closure of banks on weekends."

However, it was confirmed that trading, staking, as well as deposits and withdrawals in cryptocurrency, are currently functioning without any disruptions.

Binance.US has stated that it is experiencing mounting difficulties due to what it perceives as the SEC's "ideological campaign against the American digital asset industry." As a consequence, the exchange's banking partners have indicated their intention to discontinue providing fiat on-ramps to the platform.

Starting from June 9th, the company has announced the suspension of U.S. dollar deposits, with plans to delist USD trading pairs in the following week. However, the firm will maintain its support for Tether trading pairs. It has also informed users that any remaining USD funds on the exchange may be converted into a stablecoin, which can then be withdrawn on the blockchain.

Binance.US оn June 8 made the decision to remove eight Bitcoin pairs and two BUSD pairs from its platform. Additionally, they announced the temporary suspension of their OTC Trading Portal services. It is worth mentioning that earlier in May, Bitcoin was being traded at a higher price on the U.S. exchange compared to other platforms, indicating a premium.

On June 6, the Securities and Exchange Commission (SEC) took immediate action by issuing an emergency order to freeze the assets of Binance.US. However, Binance.US promptly addressed its customers' concerns on the following day, assuring them that their assets remained secure. The company further emphasized that its platform was fully operational, with normal functionality for deposits and withdrawals.

Back in April, Cointelegraph reported on the challenges faced by Binance.US in establishing solid partnerships with banking institutions.