Binance.US Suspends USD Deposits, Warns Of Fiat Withdrawal Pause
Binance.US said the moves are part of efforts to protect customers and the platform amid “extremely aggressive and intimidating tactics” by the SEC…
Binance.US has announced the suspension of United States dollar deposits and has notified its customers of an incoming pause to fiat (USD) withdrawal channels as early as June 13.
On June 9, Binance.US announced that it was forced to take action amid “extremely aggressive and intimidating tactics” from the United States Securities and Exchange Commission.
The firm noted that, in an effort to protect its customers and platform, it is suspending USD deposits. Furthermore, Binance.US is “notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.”
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. https://t.co/AZwoBOgsqS and our business partners have not been spared in the use of these tactics, which has created… pic.twitter.com/rlIe6swIoY
— Binance.US 🇺🇸 (@BinanceUS) June 9, 2023
The company added that it plans to transition to a crypto-only exchange but maintains a 1:1 ratio for customer assets.
The notice also cautioned that any downtime in processing withdrawals going forward “may be the result of elevated volumes and weekend bank closures.”
Trading, staking, deposits and withdrawals in crypto remain fully operational, it confirmed.
As a result of the SEC’s “ideological campaign against the American digital asset industry,” Binance.US and its banking partners have faced increasing challenges, it said. Those banking partners have signaled their intent to sever fiat on-ramps to the exchange.
U.S. dollar deposits will be suspended as of June 9, and USD trading pairs will be delisted next week, the firm stated; however, it will continue to support Tether trading pairs. It stated that any USD left on the exchange might be converted into a stablecoin that can be withdrawn on-chain.
Ten trading pairs delisted by Binance.US. Source: Binance.US
Binance.US delisted eight Bitcoin pairs and two BUSD pairs on June 8 while noting that OTC Trading Portal services were paused. BTC traded at a premium on the U.S. exchange in early May.
The SEC issued an emergency order on June 6 to freeze the assets of Binance.US. The following day, the firm reassured customers that assets remained safe adding that the platform continues to be fully operational with deposits and withdrawals functioning as normal.
Cointelegraph reported on the struggles Binance.US was having securing banking partners in April.
- Governments Start Calling For Price Controls, Rationing & CBDCs Come Next September 22, 2023
- F-35 Stealth Fighter Only Mission Capable About Half The Time, Government Report Finds September 22, 2023
- Xi, Assad Launch China-Syria Strategic Partnership Based On Belt & Road Initiative September 22, 2023
- Pennsylvania Rolls Out Automatic Voter Registration September 22, 2023
- NY Man Arrested With $1.6 Million In Fentanyl Fails To Show For Court After Being Granted Non-Cash Bail September 22, 2023
- FBI Informant Created One Of Largest Nazi Groups In American History September 22, 2023
- Prosecutors: $480k Cash, Over $100k in Gold Bars Found at Menendez Home September 22, 2023
- ‘Deeply Disturbing’: New Jersey Gov. Phil Murphy Urges Sen. Robert Menendez to Resign September 22, 2023
- Author Of ‘Gender Queer’ Book Found In Schools Says “I Don’t Recommend This Book For Kids” September 22, 2023
- As Shutdown Looms, Questions Mount About Exactly How Much Leverage House GOP Holds September 22, 2023
- A Turning Point In America’s Struggle Against ‘Blobbery’ Has Been Crossed September 22, 2023
- Domestic US Banks See Big Deposit Outflows Last Week But Loan Volumes Picked Up September 22, 2023
- Government Shutdown Could Push Unemployment To 4%, Triggering Recession Start Signal September 22, 2023
- Watch: Rand Paul Blasts “Corrupt” Zelensky “Begging For More Money” September 22, 2023
- Russia Confirms Ukrainian Missile Strike On Black Sea Fleet HQ, Personnel Missing September 22, 2023
- Commercials Set To Invade Amazon Prime Video Unless You Pay New ‘Ad Free’ Fee September 22, 2023
- Chevron LNG Workers End Strike In Australia September 22, 2023
- Futures Rebound After Three Day Rout As Rates Ease From 2007 High September 22, 2023
- Mapping The Migration Of The World’s Millionaires In 2023 September 22, 2023
- Swiss Parliament Approves Burqa Ban, Imposes Steep Fine September 22, 2023
- ApexSMS - 23,246,481 breached accounts September 21, 2023In May 2019, news broke of a massive SMS spam operation known as "ApexSMS" which was discovered after a MongoDB instance of the same name was found exposed without a password. The incident leaked over 80M records with 23M unique email addresses alongside names, phone numbers and carriers, geographic locations (state and country), genders and […]
- dBforums - 363,468 breached accounts September 20, 2023In July 2016, a data breach of the now defunct database forum "dBforums" appeared for sale alongside several others hacked from the parent company, Penton. The breach of the vBulletin based forum contained 363k unique email addresses alongside usernames, IP addresses, dates of birth and salted MD5 password hashes.
- MalindoAir - 4,328,232 breached accounts September 14, 2023In early 2019, the Malaysian airline Malindo Air suffered a data breach that exposed tens of millions of customer records. Containing 4.3M unique email addresses, the breach also exposed extensive personal information including names, dates of birth, genders, physical addresses, phone numbers and passport details. The data was later extensively shared on popular hacking forums.
- Viva Air - 932,232 breached accounts September 11, 2023In March 2022, the now defunct Columbian airline Viva Air suffered a data breach and subsequent ransomware attack. Among a trove of other ransomed data, the incident exposed a log of 2.6M transactions with 932k unique email addresses, physical and IP addresses, names, phone numbers and partial credit card data (last 4 digits).
- Dymocks - 836,120 breached accounts September 8, 2023In September 2023, the Australian book retailer Dymocks announced a data breach. The data dated back to June 2023 and contained 1.2M records with 836k unique email addresses. The breach also exposed names, dates of birth, genders, phone numbers and physical addresses.
- Phished Data via CERT Poland - 67,943 breached accounts August 31, 2023In August 2023, CERT Poland observed a phishing campaign that collected credentials from 68k victims. The campaign collected email addresses and passwords via a phishing email masquerading as a purchase order confirmation. CERT Poland identified a further 202 other phishing campaigns operating on the same C2 server, which has now been dismantled.
- Pampling - 383,468 breached accounts August 31, 2023In January 2020, the online clothing retailer Pampling suffered a data breach that exposed 383k unique customer email addresses. The data was later shared on a popular hacking forum and also included names, usernames and unsalted MD5 password hashes.
- PlayCyberGames - 3,681,753 breached accounts August 31, 2023In August 2023, PlayCyberGames which "allows users to play any games with LAN function or games using IP address" suffered a data breach which exposed 3.7M customer records. The data included email addresses, usernames and MD5 password hashes with a constant value in the "salt" field. PlayCyberGames did not respond to multiple attempts to disclose […]
- SevenRooms - 1,205,385 breached accounts August 24, 2023In December 2022, over 400GB of data belonging to restaurant customer management platform SevenRooms was posted for sale to a popular hacking forum. The data included 1.2M unique email addresses alongside names and purchases. SevenRooms advised that the breach was due to unauthorised access of "a file transfer interface of a third-party vendor".
- Duolingo - 2,676,696 breached accounts August 23, 2023In August 2023, 2.6M records of data scraped from Duolingo were broadly distributed on a popular hacking forum. Obtained by enumerating a vulnerable API, the data had earlier appeared for sale in January 2023 and contained email addresses, names, the languages being learned, XP (experience points), and other data related to learning progress on Duolingo. […]