Binance Blocked by US Banks

Binance.US, the American arm of the global cryptocurrency exchange Binance, will no longer allow its customers to use U.S. dollars to purchase cryptocurrencies on the platform starting June 13. The exchange stated that its payment and banking partners had signaled their intention to pause USD fiat channels, severely impacting Binance's operations in the United States. Binance attributed this change to the "unjustified civil claims" made by the U.S. Securities and Exchange Commission against the company. The SEC sought a temporary restraining order to freeze U.S. dollars held by Binance, but the exchange had already disabled customers' ability to purchase and deposit dollars preemptively. Although customers will not lose their funds, the decision by Binance's banking partners to sever ties suggests that the exchange is deemed too risky, and the revelations from the SEC case have become too significant to ignore.