Binance.US customers could struggle to withdraw USD deposits as early as June 13, according to a statement made by the company on Thursday.
The crypto exchange expects its banking partners to cut off its access to U.S. dollar payment rails next week. As a result, the exchange is halting the acceptance of U.S. dollar deposits from customers and also urging customers to make U.S. dollar withdrawals by June 13.
“We encourage customers to take appropriate action with their USD,” said Binance.US in a statement on Twitter.
This development comes after the Securities and Exchange Commission (SEC) filed 13 charges against Binance, Binance.US, and its CEO Changpeng Zhao, including accusing the exchange of mishandling funds, lying to regulators, and selling unregistered securities. The SEC also filed a motion for a temporary restraining order to freeze Binance’s assets.
For a period of time, Binance.US will move to being a crypto-only exchange, it said.
“To be clear, we maintain 1:1 reserves for all customer assets,” said Binance.US. “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.”
The exchange said that any U.S. dollar balances from June 15 may be converted to stablecoins to enable on-chain transactions and withdrawals.
Earlier this week, Binance.US also paused its over-the-counter trading service and removed 10 trading pairs.
Binance’s BNB token fell around 1% over the last 24 hours and 16% over the last seven days, according to data from Coingecko.