The following day, the firm reassured customers that assets remained safe adding that the platform continues to be fully operational with deposits and withdrawals functioning as normal.Ĭointelegraph reported on the struggles Binance.US was having securing banking partners in April. The SEC issued an emergency order on June 6 to freeze the assets of Binance.US. Source: Binance.USīinance.US delisted ten trading pairs on June 8, eight BTC pairs and two BUSD pairs, while noting that OTC Trading Portal services were paused. Binance, the world’s biggest cryptocurrency exchange, faces a fresh wave of scrutiny from regulators and lawmakers. Ten trading pairs delisted by Binance.US. It stated that any USD left on the exchange may be converted into a stablecoin that can be withdrawn on-chain. USD deposits will be suspended as of June 9 and USD trading pairs will be delisted next week, the firm stated, however, it will continue to support USDT (Tether) trading pairs. Those banking partners have signaled their intent to sever fiat on-ramps to the exchange. Trading, staking, deposits and withdrawals in crypto remain fully operational, it confirmed.Īs a result of the SEC’s “ideological campaign against the American digital asset industry,” Binance.US and its banking partners have faced increasing challenges, it said. The notice did caution that any downtime in processing withdrawals “may be the result of elevated volumes and weekend bank closures.” Binances Co-founder & CEO Changpeng Zhao. The company added that it plans to transition to a crypto-only exchange but maintains a 1:1 ratio for customer assets. clients have 2.2 billion at significant risk after crypto exchange charged, SEC says. The banking partner involved is Signature Bank, according to a Jan. and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work. Binance confirmed that the change wouldn’t impact corporate accounts. The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. Binance, the world’s largest cryptocurrency exchange, and its chief executive are being sued by the US’s top financial watchdog, which has accused them of making billions of dollars while. Furthermore, Binance.US is “notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.” The firm noted that, in an effort to protect its customers and platform it is suspending USD deposits. On June 9, Binance.US announced that it was forced to take action amid “extremely aggressive and intimidating tactics” from the Securities and Exchange Commission. dollar deposits and has notified its customers of an incoming pause to fiat (USD) withdrawal channels as early as June 13. Executives at the world’s largest cryptocurrency exchange. Binance generated between 800 million to 1 billion in profit in 2020 from a surge of consumer interest in digital currencies, CEO Changpeng Zhao told the Information in a recent interview. Marsha Blackburn, R-Tenn., and Sherrod Brown, D-Ohio, joined Peters in announcing the bill, which would also boost domestic production of critical pharmaceuticals and limit dependence on foreign providers like China and India, an issue that became a flashpoint during the Covid pandemic when some countries curtailed their exports of key has announced the suspension of U.S. In 2021, the Financial Conduct Authority was adamant: Binance is not capable of being regulated in the UK. business partners as various government agencies and. is better prepared for future health threats and Americans can always access essential medications.” Court cases involving the SEC and some major crypto industry enterprises Voyager Digital, Alameda Research and Binance.US have continued to progress in 2023. Binance Holdings, the world’s largest crypto exchange by trading volume, is considering severing its ties with U.S. Peters said in a statement that the “bill would help ensure the U.S. Investors have pulled around 790 million from the crypto exchange Binance and its US affiliate in the last 24 hours, data firm Nansen said Tuesday, a day. “Active drug shortages are at their worst in nearly a decade and present serious health and national security concerns,” said Gary Peters, D-Mich., the chair of the Senate Homeland Security and Governmental Affairs Committee and a sponsor of the legislation, known as the RAPID Reserve Act. Anthony Kwan/Bloomberg/Getty Images/File. Contract recipients would be required to bolster production capacity and maintain sufficient drug reserves. The bill seeks to increase the stock of medications by requiring the Department of Health and Human Services to award contracts for generic drug manufacturing to U.S.-based companies or members of the Organization for Economic Co-operation and Development.
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