In , the cryptocurrency exchange Binance.US officially announced the suspension of U.S. dollar (USD) deposits and withdrawals. This move followed a lawsuit from the U.S. Securities and Exchange Commission (SEC) against the company and its founder, Changpeng Zhao, for alleged securities violations. Reasoning and Immediate Impact
The suspension was primarily driven by the withdrawal of support from , who signaled their intent to pause USD fiat channels as early as June 13, 2023 . This forced the exchange to transition into a "crypto-only" platform, significantly impacting how users could move traditional currency into or out of the exchange. Binance to Suspend Deposits and Withdrawals of U.S. Dollars