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Title: Binance Faces Backlash from SEC, Suspends US Dollar Deposits

The cryptocurrency exchange giant, Binance, has been facing intense pressure from federal regulators in the United States. The company's American arm, Binance.US, announced on Thursday that it would no longer allow customers to trade on its platform using U.S. dollars. This move comes after the Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO, Changpeng Zhao, alleging violations of securities laws.

In a message to customers, Binance.US stated that it was facing 'extremely aggressive and intimidating tactics' from the SEC and would be suspending deposits of U.S. dollars. The company assured its customers that their savings were backed up by money it holds in reserve, but urged users to withdraw any U.S. dollars they have been storing on the exchange by Tuesday.

This latest development is a major blow to Binance.US, which has been struggling to navigate the increasingly stringent regulatory environment in the United States. The company's banking partners had previously signaled that they would no longer facilitate the movement of dollars on and off Binance.US's platform, effectively cutting off the exchange's ability to offer its most popular services.

The SEC's lawsuit against Binance alleges that the company and its CEO engaged in 'years of violative conduct' by mishandling customer funds and lying to regulators. The agency is seeking a federal judge's approval to freeze assets related to U.S.-based customers of Binance, citing the company's alleged misconduct.

Binance's decision to suspend U.S. dollar deposits is seen as a major concession to the SEC's demands. The company had previously been accused of operating outside the bounds of U.S. securities laws and failing to register with the SEC.

The crypto industry has been under intense pressure from federal regulators since November, when the collapse of the FTX exchange set off an industry-wide crisis. In recent months, several major players in the space have vowed to fight the crackdown, while others have made plans to leave the United States entirely.

The move by Binance is seen as a significant escalation in the conflict between crypto companies and federal regulators. The SEC's lawsuit against Binance is just the latest salvo in a growing battle over the regulation of digital assets.

In recent days, other major crypto exchanges have faced similar pressure from regulators. For example, Coinbase, the largest American crypto exchange, was sued by the SEC last week for allegedly violating securities laws. The agency accused Coinbase of listing unregistered securities and failing to register with the SEC.

The situation is particularly concerning for Binance.US, which has struggled to establish itself as a major player in the U.S. market. The company had been aggressively expanding its services in the United States, including the launch of a new trading platform and the hiring of several high-profile executives.

However, Binance's efforts have been hindered by regulatory uncertainty and a lack of clear guidance from federal authorities. The SEC's lawsuit against Binance is seen as a major setback for the company, which may be forced to scale back its operations in the United States or even leave the market entirely.

In conclusion, Binance's decision to suspend U.S. dollar deposits is a significant development in the ongoing conflict between crypto companies and federal regulators. The move is seen as a major concession to the SEC's demands and a significant escalation in the battle over the regulation of digital assets. As the situation continues to unfold, it remains to be seen how Binance will adapt to this new reality and whether other crypto companies will follow suit.

Source: https://www.reuters.com/business/finance/binance-suspends-us-dollar-deposits-amid-securities- commission-lawsuit-2023-03-16/

Binance in us