Robinhood Drops 3 Tokens, Binance Halts USD Transfers

U.S. Securities and Exchange Commission

Binance and Coinbase got sued. The SEC did it. They sold unregistered securities. Other crypto firms now have to deal with the consequences.

The SEC sued Binance on Monday. On Thursday, Binance said it's "suspending" U.S. dollar deposits. U.S. dollar withdrawals will stop too by June 13.

Binance said customers should do something with their USD. If you have U.S. dollars in your Binance account, take your cash out fast. That's because your money cannot be accessed right now.

Binance said SEC caused difficulties for banks it works with, so fiat withdrawals got paused. SEC sued Binance and Coinbase for securities issues. But SEC accused Binance of market manipulation and fraud.

More news followed Binance's statement. The situation kept changing rapidly. There were more updates and developments. Things were getting more serious.

Robinhood, the stock trading app everybody loves, declared on Friday that it will get rid of all the cryptocurrency tokens that the SEC marked as unregistered securities for trading. The app will withdraw support for ADA, MATIC, and SOL cryptocurrencies on June 27th.

People can purchase and trade those tokens before the deadline, and can also move them to other crypto wallets. But, when that day comes, any Robinhood account with Cardano, Polygon, or Solana will automatically trade and get the money.

Crypto.com is closing its institutional exchange service. This happened on Friday. They made a statement about why they made this decision. According to the statement, the closure is because of a lack of demand caused by the market landscape in the U.S.

Crypto.com will keep their retail exchange as it is and won't make any changes. Their institutional exchange, which served big investors like pension and mutual funds, closed down. These types of investors may not be interested in cryptocurrencies anymore because the market has been on a decline for the last year. However, the retail exchange will stay open in the U.S.

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