- Crypto lawyer John Stark is calling for an investigation by the SEC into Binance.
- Binance suspended EUR withdrawals through the Single Euro Payments Area system.
- The crypto exchange has departed several European Union nations over the past few months.
Crypto lawyer John Reed Stark has called on the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) to send auditors, inspectors, and examiners to investigate Binance. Stark’s latest comments were in response to the suspension of EU withdrawals from Binance.
On August 20, 2023, Binance Customer Support on X (formerly Twitter) told a Binance user that the exchange had temporarily suspended Euro withdrawals and deposits through the Single Euro Payments Area (SEPA) system. The crypto exchange added that its EUR provider no longer supported Euro transactions, meaning that customers would not be able to withdraw Euro from their trading account.
“We don’t have a specific time frame for the restoration of SEPA transfers. In the meantime, we recommend alternative methods for buying and selling crypto,” Binance Customer Support stated. The tweet caused considerable panic and concern among the crypto exchange’s users. The tweet in question was deleted shortly after, amid outrage from the crypto community.
John Stark tweeted that the appropriate authorities should investigate the latest developments at Binance and refer the matter to the SEC’s Enforcement Division or the U.S. Department of Justice. However, the crypto lawyer added that on-site investigation would be challenging, given that the exchange is not registered. He urged users to beware of interacting with Binance in light of the withdrawal suspension.
The BNB token witnessed a considerable decline over the past 24 hours. The token lost more than 4% of its value, sinking to a one-year low of $208. At the time of writing, BNB was trading at $210.7. The decline in BNB’s price triggered the liquidation of nearly a million dollars worth of positions since yesterday.
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