The US subsidiary of cryptocurrency exchange Binance has stopped allowing customers to withdraw dollars directly from the platform.
The move comes after the US Securities and Exchange Commission (SEC) sued Binance, its CEO and founder Changpeng Zhao, and the operation of Binance.US in June, alleging that Binance had engaged in in a “chain of deception,” artificially inflated trading volumes. and embezzled client funds.
In early June, Binance.US had already stopped dollar deposits after the SEC asked a court to freeze its assets.
Customers wishing to withdraw US dollar funds from their account can still do so by converting them to stablecoins or other digital assets, which can then be withdrawn.
Binance.US did not respond to requests for comment.
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