Binance US halts dollar deposits following SEC crackdown; users advised to exercise caution when using the exchange.
Binance has decided to halt dollar deposits and withdrawals in response to the ongoing regulatory crackdown by the U.S. Securities and Exchange Commission (SEC). Binance explained, "The SEC is using extremely aggressive and threatening tactics toward the U.S. digital asset industry," as the reason for halting deposits.
(omitted)
The domestic virtual asset industry is also closely monitoring the risks stemming from Binance. In particular, attention is being paid to Binance Coin (BNB) and Binance USD (BUSD), which were issued alongside the virtual assets that the SEC considers to be securities. Heybit, a service provider offering virtual asset financial services, announced that it would terminate services related to BNB/BUSD issued by Binance as of the 30th.
Some are advising caution when using the exchange, as the SEC has requested an emergency order from a federal court to freeze Binance's assets.
Hyeonsu “Elliot” Jin, managing partner at Decent Law Firm, stated, "Although this is a cautious and conservative observation, if the asset freeze request is granted, Korean users might find their funds frozen, similar to the FTX incident," adding, "It would be wise for Binance's domestic users to withdraw their assets."
