Binance US, the American arm of the world’s largest crypto exchange, said it would no longer allow customers to trade on its platform using US dollars, after its banking partners cut the firm off in response to a crackdown by regulators.
In a message to customers, Binance US said it was “taking necessary actions as we transition to a crypto-only exchange.”
The exchange added that it was facing “extremely aggressive and intimidating tactics” from the Securities and Exchange Commission.
The announcement comes after the SEC sued Binance on Monday, accusing the firm and its CEO Changpeng Zhao of mishandling customer funds and lying to regulators.
The SEC further asked a federal judge in Washington to freeze assets related to US-based customers of Binance, citing “the defendants’ years of violative conduct.”
Binance US said it was suspending deposits of US dollars and urged users to withdraw any dollars they have been storing on the exchange by June 13.