Binance.US, the US-based unit of cryptocurrency exchange Binance, has suspended dollar withdrawals from its platform amid an ongoing legal battle with the US Securities and Exchange Commission (SEC). Customers can no longer directly withdraw US dollars and must convert their funds to stablecoins or other digital assets. This move effectively transitions Binance.US into a crypto-only exchange, restricting the deposit and withdrawal of fiat currency. The SEC has filed a lawsuit against Binance and its CEO, Changpeng Zhao, accusing them of deceptive practices, market manipulation, and misappropriation of customer funds. Binance.US’s decision to halt dollar withdrawals was prompted by its banking partners, indicating a reduction in business activities amid regulatory scrutiny. The exchange has been actively defending itself against the SEC’s allegations and reached a court-ordered agreement allowing it to continue normal operations. The ongoing legal battle and regulatory challenges have affected Binance.US’s reputation and business operations. The outcome of this dispute will have broader implications for the crypto industry and the regulatory environment for cryptocurrency exchanges in the United States.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Changpeng Zhao
Companies	US Securities and Exchange Commission (SEC), Binance.US
Currencies	BNB
Securities	None