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Jun 13, 2023 11:39
U.S. financial regulator's pressure on Binance and the crypto market continues
Last week, the U.S. division of the cryptocurrency exchange Binance announced the suspension of deposits in dollars and advised customers to withdraw fiat funds until June 13 through the ACH system.
After that deadline, the platform will shut down dollar withdrawal channels due to regulatory pressure. The remaining dollar balances of users after June 13, the platform will convert to Stablecoin USDT.
This comes after the U.S. Securities and Exchange Commission (SEC) sued Binance and its CEO Changpeng Zhao earlier on June 5. The SEC brought 13 charges, including the sale of unregistered securities.
Binance.US has now removed 10 trading pairs of its own BUSD stablecoin and is delisting pairs with the dollar, particularly BTC/USD. In addition, the exchange will be forced to switch to purely cryptocurrency trading mode. For digital assets, all transactions, including deposits, withdrawals and staking, will remain available.
The end of last week was also marked by the decrease in the rate of a number of altcoins. Litecoin and Cardano lost more than 10% each in just one day, while EOS became 18.5% cheaper in the same time.
Even crypto market favorites Bitcoin and Ethereum showed negative dynamics, losing 2.5% and 4.49% of value, respectively.
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