Banks are cutting off Binance's access to U.S. banking system, exchange says

2023-06-09 04:14:38  • 3 mins

Key Points

  • Binance.US said its banking partners would "pause" their relationship with the exchange as soon as next week.
  • Binance's banking transactions and its relationship to billionaire owner Changpeng Zhao have attracted immense scrutiny as both battle the Securities and Exchange Commission, which filed 13 charges against them earlier this week.
  • Zhao's ownership over Binance subsidiaries has been the subject of concern for the SEC, which filed an emergency motion for a temporary restraining order to prevent asset flight.

SAN ANSELMO, CALIFORNIA - JUNE 06: In this photo illustration, the Binance logo is displayed on a screen on June 06, 2023 in San Anselmo, California. The Securities And Exchange Commission has filed lawsuits against cryptocurrency exchanges Coinbase and Binance for allegedly violating multiple securities laws. (Photo Illustration by Justin Sullivan/Getty Images)

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