Binance.US halts dollar deposits, Robinhood delists tokens after SEC crackdown

economictimes.indiatimes.com:

Binance said it was halting dollar deposits, while trading platform Robinhood Markets said it was delisting some crypto tokens, after the U.S. securities regulator stepped up its crackdown on the crypto sector. Binance.US, the purportedly independent partner of Binance, said in a tweet on Thursday that its banking partners were preparing to stop dollar withdrawal channels as early as June 13, after the U.S. Securities and Exchange Commission asked a court to freeze its assets. Customers have until Tuesday to withdraw their funds. The development is the latest blow for the world's largest cryptocurrency exchange and raises questions about whether its U.S. operation can survive the SEC lawsuit, which alleges Binance manipulated its trading volumes and comingled customer assets, among other civil charges that it denies. «This is very serious for Binance.US,» said Clara Medalie, director of research at Kaiko, a digital asset data provider.

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«The inability for Binance.US to offer USD trading services in a region the exchange was specifically built to operate in is an existential threat.» On Friday, Robinhood said it was removing three cryptocurrency tokens from its platform that the SEC identified as securities in its lawsuit against Binance and a separate action it filed against Coinbase the following day, in a sign the SEC litigation is already rippling through the crypto market. The SEC sued Binance,