Binance.US, the American subsidiary of the world’s largest cryptocurrency exchange, announced that it will cease offering trading services in United States dollars. This decision comes after the company’s banking partners withdrew support due to pressure from federal regulators.
The inability to trade in US dollars is a significant setback for Binance.US, as one of the primary functions of a cryptocurrency exchange is to enable users to convert traditional currency into digital currencies like bitcoin and ether. In a message to customers, Binance.US stated that it is “taking necessary actions as we transition to a crypto-only exchange.” The company also revealed that its banking partners had indicated they would no longer facilitate the movement of US dollars on and off the Binance.US platform.
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