Get your fiat off the exchange :/
“As you may be aware, Binance.US, alongside other companies in our industry, has become the target of aggressive tactics by the United States Securities and Exchange Commission (SEC). The SEC has brought unjustified civil claims against our business, from which we will continue to vigorously defend ourselves, our customers, our partners and industry.
Irrespective of the baseless claims, and in light of the Commission’s increasingly aggressive tactics, our payment and banking partners have signaled their intent to pause USD fiat channels as early as June 13, 2023, meaning our ability to accept USD fiat deposits and process USD fiat withdrawals will be impacted. As part of our customer-first commitment, we are notifying users promptly so you can take necessary actions as we transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets, so customer funds are always safe, secure, and available.
Please note the following changes that will impact the platform:
- ACH WITHDRAWALS: We encourage customers to withdraw their USD via bank transfer (ACH) by June 13, 2023. Due to elevated volumes and weekend bank closures, ACH withdrawals may take longer than usual to process (e.g. up to several days); we appreciate your patience.
- USD DEPOSITS: To ensure a timely USD withdrawal process, we are suspending USD deposits and recurring buy orders today and beginning the transition to a crypto-only exchange. Any deposits already initiated will be processed.
- USD TRADING PAIRS: Beginning next week, we will start delisting USD pairs (e.g., BTC-USD) on our platform, while continuing to support stablecoin pairs (e.g., BTC-USDT).
- USD BALANCES: Any USD balances remaining on the platform after June 15, 2023 may be converted to stablecoin that can be withdrawn on-chain.
- Cryptocurrency services remain fully operational, including: crypto trading, staking, deposits and withdrawals.
Until we secure more stable banking partners, Binance.US will remain a crypto-only exchange–at least for a time. We will continue to provide you with updates via our status page.
Thank you for your continued support as we fight for a path forward for those who want a thriving digital asset marketplace in America.
The Binance.US Team”
10 years from now the US is going to be scratching their heads trying to figure out why all the investment and tech is not being done in the US and how our tech sector fell so far behind.
Retail investing is gonna take a BIG hit, seeing as Binance is the biggest exchange. Panic’s gonna ensue.
Just tried to buy more ETH and got the message that I couldn’t deposit any more fiat. Oh well, still have Kraken.
Whats crazy about how this sounds is that this sounds so similar to what credit and other payment processing companies are doing and have done to the porn industry
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This blows tho.. i wonder how people will react
It’s going to be a skeleton operation. Maybe some whales will use it though they’d probably go for so.e other exchange now. Rest of us, if you’re just trading crypto for crypto, might as well use a non-KYC exchange
Been putting off turning USD on binance to crypto and moving stuff to self custody, the time has come.
I remember when USA used to be the land of the free. it’s quickly becoming the land of the controlled. our freedom is going away.
Cashapp works wonders in this situation! Easy add whatever to Cashapp, buy BTC, send onchain elsewhere to a wallet of your own. Not really that bad. If you were KYC on Binance.US, you will most definitely be able to verify your account and your ability for send BTC off that wallet
This seems like absolutely massive news. Hard to tell what the ripple effects are of Binance going cryptocurrency only. Wild.
Obligatory nacho 🫕 keys .. nacho 🧀 coins
I hope this is short lived. At least they gave a heads up! Albeit a very short notice. At least it was a notice! I fell away from Binance.com and I don’t keep a lot on any exchange anymore. I used it to purchase and then move. Time to go another route of using USD for crypto.
Only 4 days to withdraw?!
My confidence in Binance now 📉😭
Well that escalated quickly
Binance Coin pros & cons with related info are in the collapsed comments below.
Well that makes the US, UK and Australia with no Binance fiat on/off ramps… feels like dominoes are falling.
I get it’s cool to hate on the US because of the archaic approach to crypto and the incessant fear mongering and current assault on cryptocurrency as a whole by regulators/governmental agencies- but binance.US is not widely used here and it largely sucks eggs.
Sad to see Gary and Co’s efforts working
Binance.US is getting choked! It’s going to be a do-or-die battle in the court in the coming days. Even if they win, doing operations in the U.S. for them is going to be a headache.
Isn’t this what everyone wants? All transactions done in crypto in the blockchain? Well here it is, space rangers!
WhO NeEdS BaNkS aNd FiAt?
Fuck the SEC and their witch-hunt of crypto in the name of “protecting retail investors.”
Not enough time. Most of my staking is locked for 28 days even if i unstake it now. They need to give people time here.
In my state of IL, I think crypto.com and kraken will be the only places that will accept fiat.
“Any USD balances remaining on the platform after 15 June, 2023 may be converted to stablecoin that can be withdrawn on-chain”
This is pretty useful. I think there also will be a 2 day waiting process, since withdrawals will be halted on 13 June, or that’s simply a typo.
Kraken then.
We are clearly in the “and then they fight you” part of the quote.
kycnot (dot) me is a website that lists many non-KYC exchanges. It’s important to have financial privacy and the best ways to do that is to avoid KYC or use Monero to break KYC.
Not a terrible idea on their part, they still operate and get transaction fees
Fuck the SEC
Just go full DEFI. Problem solved.
You guys for sure go thru lots of trouble just to get taxed 33% afterwards…
The sad thing for the US is that for them to go after a US based legit exchange like CB over listing coins like SOL and MATIC basically means ALL US exchanges are also going to get hit.
If the SEC sticks to it’s guns, the US is going to be a waste ground for crypto innovation
This is good for Bitcoin!
Why isn’t BNB going down the shitter?
It’s all magic beans
“All in, balls out, crypto is what its all about!”– CZ, probably.
So Gary is “protecting the investors,” eh?
He has made it so we can’t get our money out (or in) now.
The SEC’S operation choke point on crypto is almost done, right before the fednow digital payment system comes into effect. 🤔
Gosh this email sounds an awful lot like what FTX said a week before they went under.
If anyone has funds or crypto on Binance.us, please move them to your cold wallet or Kraken.
Don’t risk and hope everything will be okay.
Gamble small amounts on shit coins but don’t gamble with all your money on Binance.