🚨 Binance US SUSPENDS Fiat Deposits (SEC ATTACKS US Crypto Exchanges)

Boxmining

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Binance US is suspending USD deposits and withdrawals, urging U.S. customers to withdraw their USD via bank transfer (ACH) by June 13, 2023. This came after the U.S. Securities and Exchange Commission...

Binance US is suspending USD deposits and withdrawals, urging U.S. customers to withdraw their USD via bank transfer (ACH) by June 13, 2023. This came after the U.S. Securities and Exchange Commission (SEC) issued a court order to freeze customer assets on the Binance US platform, preventing customers from withdrawing funds. This marks the SEC’s first attack on the crypto industry, and the timing of it all seems very revealing. What is the REAL end game of Gary Gensler? Here’s what you need to know. ●▬▬▬▬▬▬▬Chapters▬▬▬▬▬▬▬● 0:00 Intro 0:27 Binance US Suspension Notice Breakdown 3:24 Gary Gensler’s Agenda 5:18 Conclusion 🌼 GET $30,000 in rewards on Bybit: https://partner.bybit.com/b/boxyt ●▬▬▬▬▬▬▬Recommendations▬▬▬▬▬▬▬● 📲Binance Exchange: http://boxmining.co/binance 📖 Guides, tutorials and insights: https://boxmining.com/ 🔒Hardware Wallet: http://boxmining.co/ledger 👍🏻Brave Browser: http://boxmining.co/brave ●▬▬▬▬▬▬▬▬▬▬Community▬▬▬▬▬▬▬▬▬● Boxmining clips: https://www.youtube.com/channel/UCjFy3VBgOZanySOLhQu6GaQ Boxmining News Website: https://www.boxmining.com/ Telegram Group: https://t.me/BoxminingFam ●▬▬▬▬▬▬▬▬▬▬▬Social▬▬▬▬▬▬▬▬▬▬▬● Twitter: https://twitter.com/boxmining Discord: https://discord.gg/9qCpqpZm8G Facebook: https://www.facebook.com/boxmining ●▬▬▬▬▬▬▬▬▬▬DISCLAIMER▬▬▬▬▬▬▬▬● Boxmining, including its employees, are not affiliated with and do not endorse or sponsor any token sales, initial coin offerings, initial exchange offerings and/or airdrops (the “token sales”) unless clearly disclosed. The contents of these videos are for information purposes only. Boxmining and its employees do not provide investment advice and do not take one’s personal circumstances into consideration when providing information about token sales and cryptocurrency exchanges or platforms. In light of the above, Boxmining and its employees may hold the cryptocurrencies mentioned in the videos. Please note that there are legal requirements in various countries that may restrict token sales, and furthermore, the access to, and products and services provided by any of the cryptocurrency exchanges or platforms mentioned in these videos. Consequently, the contents of this video are not directed at or intended to be accessible by persons in any jurisdiction where the extension of the availability of the materials to which you are seeking access would breach any applicable law or regulation. Decisions to participate in token sales or to buy, sell or hold cryptocurrencies, as well as the access to and use of any cryptocurrency exchange or platform involves risk. You are also responsible for informing yourself about and observing any restrictions and/or requirements imposed with respect to any such token sale, or the access to and use of any cryptocurrency exchange or platform. You must use your own judgment or consult a professional for advice on such matters.

AI Analysis

The US crypto market is facing a critical moment as Binance US has suspended USD deposits and withdrawals, effective immediately for deposits and by June 13th for withdrawals. This move is a direct consequence of the SEC's recent actions, which included a court order to freeze customer assets on the platform. This marks a significant escalation, as the SEC has now directly attacked the ability of US crypto users to access their funds, effectively "drawing first blood" in what is seen as a war on crypto.

Here’s what’s going on and what it means for the crypto space:

* Binance US Halts Fiat Operations: Binance US is pausing all USD fiat channels due to mounting pressure from the SEC. They are urging customers to withdraw their USD via bank transfers (ACH) by June 13th. USD deposits and recurring buy orders have already been suspended, and beginning next week, Binance US will delist all USD trading pairs, meaning you won't be able to trade BTC/USD, but you can still trade stablecoin pairs like BTC/USDT.
* Impact on US Crypto Access: This is a huge deal because fiat pairs on Binance US were a primary way for US customers to directly enter and exit the crypto market. With these "on and off ramps" being taken away, it will become much harder for US users to get in and out of crypto directly with USD.
* SEC's Calculated Move: The SEC's actions are seen as a carefully calculated trap. They filed a temporary restraining order to freeze Binance US assets a few days prior but waited until Friday to effectively activate it. The timing is crucial because weekend bank closures will create significant delays in processing withdrawal requests, making it difficult for everyone to get their funds out in time. This creates maximum FUD (fear, uncertainty, and doubt) in the market, pressuring users to cash out into USD.
* Crypto Assets Are Still Safe: It's important to clarify that Binance US still holds a one-to-one reserve for all customer crypto assets. The SEC's attack is specifically targeted at the fiat on-ramp and off-ramp functionalities, not the crypto assets themselves, meaning your crypto on Binance US is still secure.
* Gary Gensler's Agenda: The chairman of the SEC, Gary Gensler, has a hidden agenda. His stance has drastically shifted from his days as an MIT blockchain professor, where he stated Ethereum was not a security, to now suing major crypto exchanges like Binance and Coinbase.
* Possible Motives for Gensler's Actions:
* Personal Grudge? There's speculation that Gensler might be retaliating because his advisor application to Binance was rejected.
* Low Chances of Winning? It's possible Gensler knows the SEC's chance of winning lawsuits against Binance is low, and this is a tactic to create immediate disruption.
* Big Bank Influence (Most Likely): The most likely scenario, according to the presenter, is that big banks are realizing they're losing customers and money to crypto. They might have appointed Gensler as their "puppet" to regain control. This theory is supported by Gensler's regular meetings with FTX before its collapse, yet he never sued FTX in the same aggressive manner he's suing Coinbase and Binance now. It seems that the more regulatory compliant an exchange is, the more likely it is to be sued.
* Gensler's Endgame: Not to Kill Crypto, But to Control It: Gary Gensler doesn't appear to be trying to shut down crypto entirely in the US. Instead, his goal is to shut down US-based crypto companies. This would allow big banks to "swoop in, buy it all, and take over" the crypto space.
* Consequences of a US Crypto Crackdown: A complete shutdown of crypto in the US would be disastrous, driving millions of talented individuals and billions of dollars offshore to countries with clearer regulatory guidelines. The US would fall behind while other nations flourish.
* Creating Maximum FUD: Gensler's strategy is designed to create maximum FUD among US crypto investors, encouraging them to withdraw their funds from crypto exchanges and deposit them back into traditional big banks.
* Implications for the American Economy: This ongoing "war" between the SEC and US crypto exchanges is crucial to follow, as its outcome could significantly shape the future of the American economy.
* Global Crypto Market Shifts: While the US crypto market faces headwinds, the Chinese market has been making bullish moves. Hong Kong, in particular, has implemented clear, positive crypto regulations, which could attract billions of dollars into the Asian market. This highlights a potential shift in global crypto leadership.
* Actionable Takeaway: If you're a US user looking to continue trading crypto with USD pairs, Bybit is a viable alternative to consider given the current situation.

Transcript

All right, this just came in. Binance US just announced that they are suspending USD deposits and USD withdrawals. If you're watching this video right now, this is very urgent because this marks the moment when the SEC just made their first move. All right, so the lawsuits are them declaring war on crypto, but now that they are freezing assets on US exchanges, they have just drawn first blood. So without further ado, let's dive straight in. All right, because of the increasing pressure that the...

All right, this just came in. Binance US just announced that they are suspending USD deposits and USD withdrawals. If you're watching this video right now, this is very urgent because this marks the moment when the SEC just made their first move. All right, so the lawsuits are them declaring war on crypto, but now that they are freezing assets on US exchanges, they have just drawn first blood. So without further ado, let's dive straight in. All right, because of the increasing pressure that they're getting from the SEC, Binance US is now forced to pause USD fiat channels as early as June 13. All right, so they're encouraging customers right now to withdraw their USD via bank transfers by June 13. However, because there's going to be a lot of traffic, a lot of customers wanting to withdraw their assets, they are suspending USD deposits and recurring buy orders today. So beginning next week, Binance US will only be allowed to trade crypto on the platform. So they will be delisting USD pairs. So you cannot trade BTC USD. However, you can still trade stable coin pairs like BTC USDT. Now this is a very big deal because fiat pairs on Binance US has a very high volume and it has always been a way for US customers to directly trade crypto. But now that they're taking away that on off ramp for crypto users in the US, it's going to be very hard to get in and get out of crypto. But if you're looking to continue trading crypto with USD pairs, Bybit is a great alternative. Bybit is a top cryptocurrency exchange with the most volume in derivatives trading, which is pretty insane if you want to get in on that crypto action. If you want to join the Bybit exchange, sign up with our link down below and you'll automatically get 20 USDT in your derivatives account. But it's only for the first 100 people. So what are you waiting for? Why? So it's very clear that the SEC just laid a trap for Binance US as well as all of the customers on the platform. They're trying to FUD the market, they're forcing them to cash out into USD. And here's what I mean by they've carefully calculated this moment. All right, this is a very carefully calculated trap. Because few days ago, the SEC has filed a temporary restraining order for Binance US to freeze assets. All right. But how come that didn't take effect immediately? Well, because today is Friday. All right. So they've waited for this moment when there are weekend bank closures. All right. So there's going to be a lot of volumes getting out in USD. And there's going to be a lot of time to process that. So not everyone will be able to get out in time. Now to be clear, Binance US still holds a one to one reserves for all customer crypto assets. All right. So this is a targeted attack on the on and off ramp aspect of Binance US. Your crypto assets on Binance US is still safe. So this moment marks the first of the SEC's attack on the crypto ecosystem. This just goes to show you how Gary Gensler, the chairman of the SEC, in fact, has a lot of hidden motives and agendas going after crypto. Now let's talk about Gary Gensler's agenda. What changed from his days as a blockchain professor at MIT, saying that Ethereum is not a security and is sufficiently decentralized, to now suing the biggest crypto exchanges. Is it because he salty his advisor application to Binance got rejected? Is it because Gensler knows that their chance of winning the lawsuit against Binance is low? Or is it because big banks are realizing that customers are putting their money into crypto and they're losing money? And therefore they have appointed Gensler to become their puppet? Personally, for me, the third option is more likely because before FTX collapsed, Gary Gensler and FTX actually had regular meetings. So Gensler definitely know what's going on in FTX. But he never sued FTX the way he's suing Coinbase and Binance right now. At this point, the more regulatory compliant and exchanges, the more they'll get sued. Let's take a step back. What is Gary Gensler's endgame? Well, from what I'm seeing, Gary Gensler is not trying to shut down crypto as a whole in the US, but he's 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 because 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 cost billions of dollars to move out of the US. The US will basically be pushing themselves back to stone age while every other country is flourishing. What it looks like he's doing is basically creating maximum FUD amongst the US crypto investors. So US crypto investors will withdraw their funds from crypto and put it back into big banks. This war between the SEC and the US crypto exchanges is a very important news to follow because this could determine the future of the American economy. We've been following the news closely and doing a lot of research because we don't want you guys to miss out on anything important. We've done a video on SEC's case against Coinbase and we talked about how Gary Gensler made a huge mistake that could cost them the case. Now, while the US crypto market is not looking very good, the Chinese market has been making significant bullish moves. So we've also been keeping a close eye on the development in China and Hong Kong. Two weeks ago, we did a video on the bullish crypto regulations that Hong Kong has implemented, which could signify billions of dollars coming into the Asian market. And if there are any big moves happening in China, we'll be sure to let you know. Thank you so much for watching. We've been filling in for Michael because we're testing out new video ideas. And if you enjoy this type of format, be sure to let us know in the comment down below. And if you're looking to trade crypto with USD pairs, Bybit is always a great option. You can register with our link in the pinned comment down below. And it will mean a lot to us if you smash that like button, share and subscribe to the channel if you haven't already so we can keep you updated on the latest news. And until next time, bye!