On June 7, Binance.US decided to remove the trading service for some crypto tokens. The decision comes after the US Securities and Exchange Commission (SEC) filed a lawsuit earlier this week against Binance and its leaders.
Binance.US announced that after a thorough review, they will remove selected advanced trading pairs on June 8, 2023, at 9 a.m. PDT / 12 noon EDT. They have also decided to suspend Buy, Sell & Convert service and suspend their OTC trading portal.
This suspension affects more than 90 trading pairs of stablecoin Tether (USDT), eight trading pairs of Bitcoin (BTC) and two trading pairs of Binance USD (BUSD). However, deposits and withdrawals are still available according to Binance.US.
This is an urgent response by Binance.US following a lawsuit from the SEC, and it may be a temporary measure to deal with the current regulatory situation. Further developments of this event will continue to be watched to see if there are broader implications for the service of Binance.US and the crypto industry at large.
Binance.US announced that conversion to USD is still available on their platform. However, there has been a change in the maximum transaction amount for buy, sell and convert options, the limit is updated to 10,000 USD.
Binance.US has temporarily closed its over-the-counter (OTC) trading platform with no word on when it will reopen. This closure could be a temporary measure in light of the complicated legal situation.