Kevin O’Leary, chairman of O’Leary Ventures, discusses his plans to build an oil refinery and responds to the SEC’s lawsuits against crypto exchanges Binance and Coinbase in The Claman Countdown.
The US arm of the world’s largest crypto exchange is suspending US dollar deposits.
According to Binance.US, its banking partners are preparing to shut down fiat dollar payout channels as early as June 13.
The announcement comes just days after US regulators sued Binance and its CEO Changpeng Zhao.
The company announced this a tweet on Thursday evening.
CRYPTO EXCHANGE BINANCE CEO Faces Charges in SEC Lawsuit
This image shows the Binance logo and cryptocurrency representation displayed on a phone screen. ((Photo by Jakub Porzycki/NurPhoto via Getty Images) / Getty Images)
The company says it is taking “proactive steps” in transitioning to a crypto-only exchange for now.
Trading, staking, and cryptocurrency deposits and withdrawals would remain fully operational, the exchange said in a note to its customers.
In a 136-page complaint filed in federal court, the SEC accused Binance and the company’s CEO of operating a “web of deception.”
The fortunes of Binance and Coinbase CEOs are being hit after crypto lawsuits against the SEC
Changpeng Zhao, Founder and CEO of Binance. (Portal/Benoit Tessier/File Photo / Portal Photos)
With a total of 13 indictments, the SEC complaint accused Binance Holdings, Zhao, BAM Trading and BAM Management US Holdings of violating the Securities Act and the Exchange Act, two U.S. securities laws.
A day later, Coinbase, the largest US cryptocurrency platform, was also sued.
.On Thursday, U.S. financial regulators said they support a freeze on Binance’s assets, according to a filing with the U.S. Securities and Exchange Commission.
A representation of the cryptocurrency can be seen in front of the Coinbase logo. (Portal/Dado Ruvic/Illustration/File Photo / Portal Photos)
CLICK HERE FOR FOX BUSINESS REAL-TIME CRYPTOCURRENCIES PRICE DATA
Binance.US said in its tweet that the SEC’s stance on cryptocurrency is “extremely aggressive and intimidating,” adding that it has created challenges between the exchange and its banking partners.
FOX Business’ Joe Toppe and Portal contributed to this report.