Binance.us To Stop Deposits And Withdrawals

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1 year ago
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In today's video, we discuss the recent developments surrounding Binance.US and their decision to temporarily halt USD deposits and withdrawals. Just 12 hours ago, Binance released a tweet revealing their strategic move amidst the ongoing issues with the SEC.

Given the regulatory complexities and the SEC's intent to scrutinize their financial operations, Binance.US seems to have taken the prudent step of suspending cash transactions, prioritizing a smoother transition. As soon as June 13th, the suspension will go into effect. However, Binance.US assures its users that the platform will continue to operate as a crypto-only exchange.

Nevertheless, considering the SEC's recent classification of certain cryptocurrencies as securities, it's uncertain how long Binance.US can maintain its current status. If you have any funds stored in cash on Binance.US, it is highly recommended that you withdraw them promptly. Safeguarding your assets is crucial in these uncertain times.

Moreover, for those holding any of the crypto tokens explicitly mentioned by the SEC as securities in recent weeks, it is advisable to move them off exchanges if feasible. Storing them in a cold wallet ensures maximum security, as the saying goes: "Not your keys, not your crypto.

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