On Monday, Binance US updated its [terms of use](https://www.binance.us/terms-of-use?utm_source=email&utm_medium=email-b&utm_campaign=notice&utm_content=tou-10-2023) to halt direct dollar withdrawals for U.S. customers. To withdraw U.S. dollar funds, customers would have to convert them to other digital assets first. 

In addition, U.S. dollar deposits in the platform will no longer be covered by the Federal Deposit Insurance Corporation.

According to the document, "Digital Assets are not legal tender, are not backed by any government, and accounts and value balances are not subject to protections or insurance provided by the FDIC or the Securities Investor Protection Corporation."

This move follows the platform’s suspension of dollar deposits last June 9. At the time, Binance US cited the “extremely aggressive and intimidating tactics” of the U.S. Securities and Exchange Commission (SEC). 

The SEC has sued Binance, Binance US, and Binance founder Changpeng Zhao, alleging violations of federal securities laws.

Users must convert U.S. dollar funds to cryptocurrencies to withdraw their assets


Tue Oct 17 2023 Binance.US Updates Terms of Use to Suspend USD Withdrawals

Tue Oct 17 2023

Binance.US Updates Terms of Use to Suspend USD Withdrawals