Binance’s struggles in the United States continue as the exchange announced that its customers would no longer be able to purchase crypto using U.S. dollars on its platform starting June 13. The decision was made as Binance’s payment and banking partners signaled their intent to pause USD fiat channels. The move comes in the midst of investigations by the U.S. Securities and Exchange Commission (SEC), which filed a civil complaint against the exchange and its founder, Changpeng Zhao, for allegedly violating securities laws. Binance’s banking transactions have come under immense scrutiny, with the SEC filing a motion for a temporary restraining order to freeze the exchange’s U.S. dollars. While customers won’t lose their money, the decision by Binance’s banking partners indicates that they see the exchange as too risky to continue business with, and the impact of the SEC case is too significant to ignore. The number of Binance’s disclosed U.S. banking partners that have processed billions of dollars in transactions has dwindled, and it wasn’t immediately clear which banking partners Binance still retained.
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