Hi, I hope you are having fun and frolicking. I want to discuss an important update regarding Binance Us trending and hot topic
Binance US has suspended United States dollar deposits after an SEC lawsuit and notified customers of a suspension of fiat (USD) withdrawal channels due to aggressive tactics by the United States Securities and Exchange Commission. I think the company has taken this step to protect it users and the platform. Binance.US now only plans to make transactions across crypto exchanges, maintaining a one to one ratio of user assets. There may be downtime in withdrawals which may occur due to elevated volumes and weekend bank closures. Crypto trading, staking deposits and withdrawals are fully operational. Binance.US and Uske Banking Partners Face Challenges as a Result of SEC Campaign US dollar reserves are being suspended on June 9 and US dollar trading pairs will be delisted next week. US dollars can be converted into stablecoins to withdraw online. Binance us ne BTC aur BUSD trading pairs delisted and OTC trading portal services suspended
This news is horrible for the crypto atmosphere. To keep this thing going you need to have easy access you need exchanges like Coinbase and Binance. Self custody with a hardware locker is way too much hassle for 90 % of people. 80% of the dollars last bullrun came in via commercial exchanges with the US market leading the way all over. If the sec gets what it wants it is over with 10X 20X 50X gains. These massive gains is what attracts people to crypto
Hidden Agenda Behind SEC Actions against Crypto Exchanges
First of Sec attack on the Crypto Ecosystem just goes to show you how Gary Gensler the chairman of SEC has a lot of hidden motives and agendas going after Crypto. Gary Gensler's agenda as blockchain professor at MIT Saying Ethereum is not a security and is sufficiently decentralized to know saying the biggest Crypto Exchanges is it beacuse he salty his advisor application to Binance got rejected. Is it because Gensler knows that their chances of winning the lawsuit against Binance is Low or is it because big banks realise that customer is putting their money into crypto and they're losing money Therefore they have a point against their to become their puppets. Personally i think the option is more likely because before FTX collapsed Gary Gensler and Ftx actually had regular meetings so Gensler definitely know what going on with FTX but he never stood FTX the way he is suing coinbaise and Binance right now at the point more regularity compliance Exchanges the more they will get sued.
Gary Gensler Targeting Crypto Companies to Benefit Big BanksWhat is Gary Gensler end game well and what I'm seeing Gary Gensler not trying to shut down Crypto as a whole in the US but he trying to shut down crypto companies in the US because big banks can then swoop in buy it all and take over the reason why I don't think Gensler is trying to shut down crypto as a whole in the US is that this will create a much bigger impact than he can handle
if Crypto is completely Shut down in the US this will drive millions of talents offshore all Us-based crypto companies will move to countries with clear regulatory guidelines and this will also cause billions of dollars to move out of the US
The US will be pushing itself back to the stone ages while every other country is flourishing what it looks like he doing is basically creating maximum funds amongst US crypto Investors So US crypto Investors will withdrawals funds from crypto and put them back into big banks
ConclusionThis war between SEC and US crypto Exchanges is very important news to follow because this could determine the future of the American Economy
Note: I collected the above data after reading different articles and trying to write them understandably. If this post contains any misinformation then please let me know. Thanks