Binance.US Bitcoin Trading at Premium Despite Declining Volume and Market Depth After SEC Lawsuit
According to CryptoCompare data, Bitcoin is trading at a premium of over 1% on Binance.US, with a price above $26,000, surpassing major rivals like Kraken and Coinbase.
Binance.us may Suspending USD Withdraw Channels as Early as June 13, 2023
Due to impact of SEC, Binance.us made announcement today gonna suspending USD deposits and notifying customers that banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. Binance.us encourage customers to take appropriate action with their USD.Binance.us claimed on Twitter: "We are taking these proactive steps as we–for a time–transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets. Any downtime in processing withdrawals may be the result of elevated volumes and weekend bank closures. Moreover, trading, staking, deposits and withdrawals in crypto remain fully operational."
Binance.US Records $181 Million Loss in 2021 Despite Receiving $132 Million from Parent Company, SEC Filing Reveals
Binance.US, the US branch of Binance, suffered a loss of up to $181 million in 2021, despite receiving $132 million from its parent company BAM Management, due to challenging market conditions in the crypto industry.
Solana Foundation Disputes SEC Classification of SOL Token As Unregistered Security
The Solana Foundation is challenging the SEC's classification of its SOL token as an unregistered security. The SEC has filed lawsuits against Binance.US and Coinbase for trading Crypto Asset Securities, including SOL. However, the Solana community at a recent event in New York City appeared unconcerned with the regulatory issues. The SEC also identified several other tokens, including Cardano, Polygon, and Filecoin, as securities in its lawsuits against Binance.US and Coinbase.
Binance.US Faces Funding and Regulatory Issues Amid Deviations in Coin Prices
Several coins and tokens listed on Binance.US were trading at premiums on June 7, with Bitcoin and Ether priced higher than CoinMarketCap averages. Stablecoin tokens such as Tether and USD Coin also broke their par value. Binance.US removed USDT-based trading pairs, paused its over-the-counter trading portal, and limited maximum trade amounts to $10,000. The exchange also experienced funding issues and faced an SEC emergency motion to freeze assets and repatriate funds held by US customers.
Binance.US Generates $410 Million in Revenue and $225 Million in Profit Since Launch
Binance.US, a cryptocurrency exchange, has reported $410 million in revenue and $225 million in profit since its launch. The exchange's financial information was disclosed in a filing by an SEC accountant, covering the period from 2019 to April 2023. The exchange is operated by BAM Trading Services.
Binance.US Customers Remain Calm Despite SEC's Asset Freeze Request
Following the SEC's request to freeze Binance.US assets, on-chain data shows that customers are not overly concerned. Despite expectations of a large outpouring of assets such as Bitcoin from Binance.US and Binance.com, only around $100 million of Bitcoin was withdrawn yesterday, according to Glassnode.
Binance.US：Normal Functioning, No Fud
According to Binance US: User assets remain safe and secure and the platform continues to be fully operational with deposits and withdrawals functioning as normal.
Binance.US Believes That the Restrictions and Preliminary Injunctions Are Motivated by a Desire To Gain an Advantage in the Litigation, Rather Than a Genuine Concern for the Safety of Customer Assets
The US Securities and Exchange Commission (SEC) has filed a temporary restraining order and preliminary injunction lawsuit against cryptocurrency exchange Binance.US, attempting to freeze its assets. However, the platform has stated that user assets are still secure and deposit and withdrawal functions are operating normally. Binance.US believes that the SEC's actions are driven by a desire to gain an advantage in the lawsuit, rather than a genuine concern for customer asset safety. Despite the company's efforts to address SEC staff concerns about customer asset safety through nearly round-the-clock dialogue, staff still decided to file the aforementioned lawsuit.
SEC Seeks Temporary Restraining Order to Freeze Assets Tied to Binance.US
The U.S. Securities and Exchange Commission (SEC) has requested a temporary restraining order to freeze assets connected to Binance.US, including BAM Management US Holdings and BAM Trading Services. The SEC has sued Binance.US, Binance Global, and CEO Changpeng Zhao, alleging various compliance and control failures, including claims that companies linked to Zhao had access to funds belonging to Binance.US customers.
