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Binance.US says its users can’t directly withdraw their crypto holdings in cash.
CoinDesk notes that Binance.US just updated its terms of service, saying users can only withdraw funds in the form of stablecoins or other crypto instead of US dollars. Oh, and that US dollar funds in Binance.US wallets are not protected by FDIC insurance.
Earlier this year the SEC sued Binance, alleging it “defrauded equity, retail, and institutional investors about purported surveillance and controls over manipulative trading on the Binance.US Platform, which were in fact virtually nonexistent.”
While you wait for the next Liz Lopatto report on the Sam Bankman-Fried / FTX fraud case, you can relive her live reading of the SEC’s case against Binance from this summer.
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