![]() Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Several, including Genesis, have since filed for bankruptcy. That platform, which was in the midst of a liquitdity crisis, ultimately filed for bankruptcy and is now at the center of a massive federal fraud investigation.įTX’s collapse ricocheted across the ecosystem for digital assets, sparking panic among investors and forcing other firms into liquidity crises of their own. The suspension comes at an awkward time for crypto companies, and especially for centralized exchanges like Binance, which in November briefly considered a bailout of its rival FTX. “All other methods of buying and selling crypto remain unaffected.”īinance’s CEO Changpeng Zhao, widely known as CZ, said on Twitter that although just 0.01% of active users engage in US dollar trades, “we appreciate that this is still a bad user experience and the team is working on quickly resolving this issue.”īinance.US, which is run separately, was not affected by the suspension, and deposits and withdrawals in dollars are still functioning, a spokesperson for the US operation told CNN. “Only a small proportion of our users will be impacted by this and we are working hard to restart the service as soon as possible,” the company tweeted Monday. The cryptocurrency community and industry experts are closely monitoring the situation, anticipating further developments as the legal battle between Binance.US and the SEC continues to unfold.Binance, the world’s largest crypto exchange, said it would temporarily halt transfers of US dollars starting Wednesday. Many users are questioning the impact of these restrictions on the usability and accessibility of their funds.īinance.US has yet to comment on the recent changes or provide further details about the decision to limit dollar withdrawals. This move by Binance.US has raised concerns among cryptocurrency enthusiasts and investors who rely on the platform for trading and managing their digital assets. The SEC specifically questioned the company’s custody practices and its willingness to cooperate in legal requests. The lawsuit alleged that Binance.US was operating unregistered securities platforms, prompting a series of legal challenges and inquiries into the exchange’s practices. The SEC’s legal battle with Binance.US escalated when the regulatory body sued the exchange, along with its international arm Binance and its founder Changpeng “CZ” Zhao, on June 5. In the same announcement, Binance.US warned customers that its banking partners were preparing to pause dollar withdrawals as early as June 13. Securities and Exchange Commission’s (SEC) “extremely aggressive and intimidating tactics” against the crypto industry as the reason for banking partners’ reluctance to engage with the sector. At that time, the exchange cited the U.S. The decision to halt direct dollar withdrawals came after Binance.US suspended dollar deposits in early June. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn.” This change means users are now required to convert their dollars to cryptocurrencies or stablecoins before making any withdrawals. dollar funds from their account, they may do so by converting U.S. The move follows the exchange’s update of its terms of use on Monday, which has sparked concerns among its customer base.Īccording to an email sent to users, Binance.US stated, “In the event that customers wish to withdraw U.S. Binance.US, one of the largest cryptocurrency exchanges in the United States, has implemented significant changes to its platform, leaving users unable to withdraw dollars directly.
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