What Do Binance.USs New Rules on Trading Dollars Mean for Customers?
The company said that it would no longer allow trades with U.S. dollars on its platform. Customers were urged to withdraw funds by Tuesday.
Just days after it was sued by the Securities and Exchange Commission, the American arm of Binance, the giant cryptocurrency exchange, announced some painful news: It will no longer allow customers to trade on its platform using U.S. dollars.
Banking partners of the exchanges U.S. unit, calledBinance.US,had been spooked by the S.E.C.s action, the company said, and were shutting down crucial payment rails that allowed dollars to move on and off the platform.
This week, the S.E.C. filed back-to-back lawsuits against Binance and the U.S. exchange Coinbase, two of the largest crypto companies in the world. The S.E.C. said that Binance had lied to regulators and improperly handled customer funds; Coinbase was accused of operating as an unlicensed securities exchange.