Binance.US Implements Restrictions on Dollar Withdrawals, Crypto Deposits, and UK Customers

Binance.US, the American arm of cryptocurrency exchange Binance, has updated its terms of use, halting direct dollar withdrawals for its users. Customers can now only withdraw US dollar funds by converting them to stablecoins or other digital assets. The move comes after Binance.US suspended dollar deposits in early June due to the US Securities and Exchange Commission's aggressive tactics against the crypto industry. The SEC has sued Binance.US, Binance, and its founder for allegedly operating unregistered securities platforms. Additionally, Binance.US warned customers that its banking partners were preparing to pause dollar withdrawals. The update also stated that US dollar funds in Binance.US wallets are no longer protected by FDIC deposit insurance.