Less than two days after being hit hard by US regulators, Binance US, the US subsidiary of the world's leading cryptocurrency exchange, has announced that it is suspending over-the-counter (OTC) trading while removing more than 100 trading pairs, most of them USDT-related trading pairs.

In a blog post published on Thursday, Binance.US said: "Binance.US has suspended its OTC trading portal service. Binance.US will inform you in the coming weeks and months when OTC services will resume."

In the notice, the company also stressed that despite the suspension of OTC, users' assets remain safe and the deposit and withdrawal service will continue to operate normally.

However, a few hours later, Binance.US sent another notice saying that it would suspend US dollar deposits and that its banking partners would suspend fiat US dollar withdrawal channels as early as June 13.

backdrop

On Monday, June 5, the US Securities and Exchange Commission (SEC) filed 13 charges against Binance, Binance.us and its founder Changpeng Zhao. The next day, the regulator filed a motion for an emergency freeze of the US subsidiary's assets.

The SEC cited Binance's disregard for U.S. law and "capricious" behavior as the primary drivers of the motion. The agency also said that the purpose of freezing its assets is to ensure the safety of users' assets.

The developments mark a significant escalation of U.S. regulators' crackdown on the industry following the collapse of crypto giant FTX last year.