Binance.US halts dollar deposits after SEC lawsuit

STORY: The U.S. arm of the world’s largest crypto exchange Binance announced on Thursday it is suspending U.S. dollar deposits, days after U.S. regulators sued the company and its CEO.

In a notice it tweeted, the platform said its banking partners are preparing to pause fiat dollar withdrawal channels as early as next Tuesday.

Binance said it has become what it called a “target of aggressive tactics” by the U.S. Securities and Exchange Commission in its pursuit of “an ideological campaign against the American digital asset industry.”

The company added it is taking “proactive steps” to transition to a crypto-only exchange for the time being.

Trading, staking, deposits and withdrawals in crypto would remain fully operational.

On Monday, the SEC filed a lawsuit against the exchange and its founder Changpeng Zhao, accusing them of misleading investors.

Just a day later, the watchdog also sued Coinbase, the largest cryptocurrency platform in the U.S., alleging that it was operating as an unregistered exchange.