Binance.US, a cryptocurrency trading platform set up by Binance chief Changpeng Zhao to serve U.S. clients, said on Friday that it has suspended U.S. dollar deposits to “protect customers” amid intensifying regulatory pressure.

See related article: Why the US is waging war on Binance, Coinbase

Fast facts

  • Binance.US tweeted Friday that it has also notified its users of an upcoming pause of fiat withdrawal channels with its banking partners as early as June 13.
  • The company’s move comes after the U.S. Securities and Exchange Commission (SEC) on Monday sued Binance entities and Zhao on Monday for alleged unregistered offers and sales of securities.
  • “The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry,” Binance.US tweeted. “Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.”
  • The exchange noted that trading, staking, deposits and withdrawals in cryptocurrencies remain fully operational.
  • The U.S. platform said it will also delist U.S. dollar trading pairs starting next week, but it will continue to support stablecoin pairs.
  • In an additional action against Binance, the SEC on Tuesday asked a federal judge to freeze the assets of Binance.US. In response, Binance.US tweeted on Tuesday that user assets “remain safe and secure.”

See related article: Crypto industry reacts to SEC’s lawsuit against Binance