Binance, one of the largest cryptocurrency exchanges in the US, has announced that it will suspend US dollar withdrawals from its exchange in response to a recent crackdown on the crypto industry by the Biden administration. The move comes as American banks are set to halt crypto withdrawals as early as June 13.

Biden administration cites concerns over money laundering and tax evasion

It is believed that the Biden administration is targeting the crypto industry over concerns of money laundering and tax evasion, which have been raised by regulators around the globe. The suspension of US dollar withdrawals from Binance is expected to cause major disruption to the crypto market in the US and worldwide.

Suspension expected to cause major disruption to the crypto market

While Binance has not explained the exact reasons for the suspension, the move is likely to have a ripple effect across the crypto industry and could lead to increased regulatory scrutiny of other US-based exchanges.

Read More Here https://www.telegraph.co.uk/business/2023/06/09/binance-suspends-dollar-deposits-biden-crypto-crackdown/

The post Binance suspends US dollar deposits amid Biden crypto crackdown appeared first on Bitcoin Times.