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Binance.US has announced that starting from June 13, it will shift to becoming a fully crypto-focused exchange. This decision comes in response to mounting pressures from the U.S. Securities and Exchange Commission (SEC), which recently initiated a significant enforcement action against the company.
In a Twitter statement, Binance's U.S. division announced a temporary transition to an exclusive cryptocurrency exchange model. The company assured that essential operations such as crypto trading, staking, as well as deposits and withdrawals, would continue without interruption.
Starting from June 9, the exchange has announced the suspension of USD deposits, followed by the imminent removal of USD-based trading pairs.
“While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, Binance.US will continue to vigorously defend ourselves, our customers and the industry against the meritless attacks of the SEC,” the exchange tweeted.
Binance's BNB coin is currently holding steady at a value of $260.24. Despite recent allegations from the SEC regarding its security status, the token has experienced a 15% decline in the past week.
On Tuesday, the SEC submitted a request for a temporary restraining order to freeze specific assets associated with Binance.US. Both parties are scheduled to appear in court on June 13 to address the issue, coinciding with the day when Binance.US has announced its transition to a fully cryptocurrency-focused exchange.
In addition to that, the SEC has leveled allegations against Binance, asserting that $12 billion was funneled to companies under the control of CEO Changpeng Zhao. However, both Zhao and Binance vehemently deny these allegations.
