Binance.US withdrawal trading services for various cryptocurrencies on June 7. The move follows a lawsuit filed earlier this week by the United States Securities and Exchange Commission (SEC) against Binance entities and their directors.
“After careful consideration, Binance.US will remove select Advanced Trading pairs on June 8, 2023 at 9am PDT / 12pm EDT. We have also decided to streamline our Buy, Sell and Conversion offering and have put on pause our OTC Operations Portal”, it reads in an ad.
The pause affects more than 90 pairs of the Tether stablecoin (USDT), eight Bitcoin pairs (BTC) and two Binance USD pairs (BUSD). According to Binance.US, deposits and withdrawals are still enabled.
Binance.US also reduced the number of supported conversion trading pairs. At the moment, call, put and conversion options are only available for USDT, USD Coin (USDC), BNB (BNB), ether(ETH), BTC, Fetch.ai (FET), Cosmos (ATOM), Fit (APT), Polygon (MATIC), Litecoin (LTC), Dogecoin (DOGE), Shiba Inu (shib), Phantom (FTM), ApeCoin (PSA), Solana (SUN), Chainlink (LINK), Cardano (ADA), Polkadot (DOT), Gala (GALA) and Avalanche (AVAX).
The conversion to USD will still be available, the exchange said. However, the maximum amount of buy, sell and conversion trades has been updated to USD 10,000. Furthermore, Binance.US shut down its over-the-counter (OTC) trading platform without disclosing when it will resume operations.
On June 5, the SEC filed a lawsuit against Binance for allegedly offering unregistered securities. The US regulator filed 13 charges against the exchange, including unrecorded offers and sales of BNB and BUSD tokens, Simple Earn and BNB Vault products, and its staking program.
In addition, the SEC alleges in the lawsuit that Binance did not register its Binance.com platform as an exchange or broker clearing agency. SJust one day after filing the lawsuit against Binance, the commission also went after Coinbase on similar grounds, alleging that some popular cryptocurrencies offered by the exchange, such as SOL, MATIC, and The Sandbox (sand), can be considered values.
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