US SEC Tightens Screws on Crypto industry: Binance Urges Customers to Withdraw Funds by June 13

Binance for digital currencies

Binance is urging its customers to withdraw their funds from the cryptocurrency exchange by next week, as the US Securities and Exchange Commission tightens the screws in its “ideological campaign” against the industry.

In a tweet on Thursday evening, June 8, Binance.US alerted customers that its banking partners will block withdrawals by June 13, which could prevent the exchange from accepting deposits or issuing withdrawals in USD.

It added that withdrawals may take longer than usual due to high activity on the platform, and said that customer deposits remain safe, as assets are backed 1:1.

After June 13, Binance will become a crypto-only platform until it can find “more stable” banking partners, she said.

The exchange stated: “The Securities and Exchange Commission has filed unjustified civil claims against our business, through which we will continue to vigorously defend ourselves and our clients.”

Binance is facing about 13 charges from the Securities and Exchange Commission, after being scrutinized by regulators for months over its compliance with US securities laws.