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

Binance.US, the U.S. arm of the world's largest crypto exchange, is suspending U.S. dollar deposits as its banking partners prepare to pause fiat dollar withdrawal channels as early as June 13. The announcement comes just days after U.S. regulators sued Binance and its CEO Changpeng Zhao. The exchange says it is taking "proactive steps" in its transition to a crypto-only exchange for the time being, with trading, staking, deposits, and withdrawals in crypto remaining fully operational.