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Crypto giant Binance’s US affiliate halts direct dollar withdrawals




By Reuters | Updated: 17 October 2023

Oct 17 (Reuters) – The U.S. unit of cryptocurrency exchange Binance has halted withdrawal of dollars by its clients from the platform, its updated terms showed on Monday.

In early June, Binance.US had halted dollar deposits, after the U.S. Securities and Exchange Commission (SEC) asked a court to freeze its assets.

“In the event that customers wish to withdraw U.S. dollar funds from their account, they may do so by converting U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn,” the terms page said.

Binance.US did not immediately respond to Reuters request for comment.

The news was first reported by Coindesk.

The SEC had sued Binance, its CEO and founder Changpeng Zhao, and Binance.US’s operation in June, alleging in 13 charges that Binance had engaged in a “web of deception,” artificially inflated trading volumes and diverted customer funds.

© Thomson Reuters 2023