Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.
"In the event that customers wish to withdraw U.S. dollar funds from their account, they may do so by converting U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn," the email said., saying the U.S. Securities and Exchange Commission's "extremely aggressive and intimidating tactics" against the crypto industry had left banking partners reluctant to engage with the sector.
In the same message, Binance.US warned customers that its banking partners were preparing to pause dollar withdrawals as early as June 13., the firm's international arm Binance and its founder Changpeng"CZ" Zhao, on June 5 for allegedly operating unregistered securities platforms. The SEC has since questioned the company'
Monday's terms of use update also said U.S. dollar funds in Binance.US wallets are no longer protected by deposit insurance provided by the Federal Deposit Insurance Corporation . The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
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