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Binance.US has halted direct dollar withdrawals for customers in the U.S., a Monday update to its terms of use revealed.
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Fast Fact
- The U.S. affiliate of the world’s largest exchange Binance said users must convert U.S. dollar funds to other cryptocurrencies to withdraw their assets.
- The updated terms of use added that U.S. dollar deposits in Binance.US wallets are no longer protected by the Federal Deposit Insurance Corporation.
- Binance.US suspended dollar deposits on June 9, citing customer protection amid intensifying regulatory pressures, four days after it was sued by the Securities and Exchange Commission for charges related to securities violations.
- Binance.US was also sued by the Commodities Futures Trading Commission in March for allegedly offering unregistered derivatives products.
- Binance has been facing regulatory challenges worldwide. The exchange halted new user registration in the U.K. on Monday to comply with new regulations restricting foreign firms from promoting digital assets in the country.
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