If you have USD or crypto held on the Binance exchange, I would highly suggest you get them out now. ACH the cash and/or transfer your coins to a cold storage wallet.
I received this email communication last night. It appears as if the Binance team is taking steps in advance of any kind of ruling in the lawsuit against them by the SEC. Limiting the exchange to only crypto transactions is step one. There may be additional to follow.
This action is set to take place June 13, 2023 so you have about 4 days to do what you need to. This action may also cause a run on Binance’s assets on the books. Could it be a death blow? Probably not. At least, not until we get a ruling on the lawsuit. However, the lifeblood of an exchange is transactions. And the best way to keep up transaction volume is through new money entering the system. Well one of those channels has not been closed. Fiat will not be coming into Binance into the near future.
This doesn’t look good for BNB (Binance’s native coin). Bitcoin still appears to be holding up which means a lot of money is probably flowing into Bitcoin from other coins on the Binance exchange in order to get them out.
More to come as this develops.
PS - If anyone was wondering, my preferred exchange currently is KuCoin.
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