SEC crackdown on Binance and Coinbase sends shockwaves through crypto industry.

Binance.US has suspended U.S. dollar deposits and its banking partners are preparing to pause fiat dollar withdrawal channels as early as June 13, just days after U.S. regulators sued Binance and its CEO Changpeng Zhao. The move comes as the exchange takes "proactive steps" in its transition to a crypto-only exchange for the time being. Trading, staking, deposits and withdrawals in crypto would remain fully operational. The SEC's aggressive stance on cryptocurrency has created challenges between the exchange and its banking partners.