Connect with us

Hi, what are you looking for?

Business

Binance.US Suspends Direct Dollar Withdrawals

Binance.US customers in the United States “may convert” their dollars to stablecoins or other digital assets before making a withdrawal.

Binance.US, a cryptocurrency exchange, has modified its terms of service to imply that United States dollar direct withdrawals are no longer permitted on the platform. Binance US has “updated the deposit insurance language” in the company’s terms of service, according to an email that was distributed to users. It stated that it had taken this action in accordance with FDIC directives. The firm initially declared in a now-deleted blog post that Binance US accounts would be insured for a maximum of $250,000 in 2019.

All USD deposits are held in pooled custodial accounts at multiple banks that are insured by the FDIC. The pooled custodial accounts are maintained in a manner that provides access to pass-through FDIC insurance coverage up to the depositor coverage limit, which is currently $250,000.

The post read at that time

Digital Assets are not legal tender, are not backed by any government, and accounts and value balances are not subject to protections or insurance provided by the FDIC or the Securities Investor Protection Corporation.

States the updated terms of service

The firm halted dollar deposits in early June, citing banking partners’ reluctance to engage with the sector as a result of the U.S. Securities and Exchange Commission’s (SEC) “extremely aggressive and intimidating tactics” toward the cryptocurrency industry.

June 5 saw the filing of a lawsuit by the SEC against Binance.US, the international division of Binance, and its founder Changpeng “CZ” Zhao, on charges that they operated unregistered securities platforms. The company’s compliance with legal requests and its handling of custody practices have been called into question by the SEC.

Advertisement

You May Also Like

By 360

Thousands of MILLIONAIRES are made every single cycle! Will you be one of them?

By 360

Elon Musk’s announcement which resulted in MASS FOMO retail driven buying was an X FACTOR of this cycle.

Business

The central banks would design and define the monetary and governance rules for their digital currency by using Consensys' Quorum platform

By 360

I LOVE HUMOR and of course this includes hearty doses of SARCASM sprinkled with harmless SATIRE from time to time.

Subscribe to our Free Trade of the Month Newsletter
Submit your name and email and receive access to 360 Elite Trifecta Trading Alerts free for one month worth $129!
Get a free trading signal every month!
Subscribe to our Free Trade of the Month Newsletter
Submit your name and email and receive access to 360 Elite Trifecta Trading Alerts free for one month worth $129!
Get a free trading signal every month!
polkadot
Polkadot (DOT) $ 8.14 6.10%
bitcoin
Bitcoin (BTC) $ 56,550.15 10.50%
ethereum
Ethereum (ETH) $ 3,261.25 6.64%
cardano
Cardano (ADA) $ 0.623251 8.09%
xrp
XRP (XRP) $ 0.55947 4.67%
stellar
Stellar (XLM) $ 0.120211 4.91%
litecoin
Litecoin (LTC) $ 75.22 8.06%