What happens if Binance goes bankrupt?

Once those funds get transferred and then dispersed to clients, which will not happen until the bankruptcy court decides the prorated share that each account will receive, it will be up to Binance.US to try to keep the customers and their assets on the platform.

Is Binance a 'crypto-only exchange'?

Instead, Binance.US said in the tweet that it would transition to operating as a “crypto-only exchange.” Users have until June 13 to withdraw any U.S. dollars from the platform, and after June 15, any dollars remaining on the platform may be converted to stablecoins, Binance.US said in a tweet.

Why did Binance suspend US dollar deposits?

The crypto company Binance .US will suspend US dollar deposits as its banking partners prepare to pause the channels to withdraw US dollars from the exchange, days after regulators sued Binance and its chief executive, Changpeng Zhao.

Is Binance an unregistered securities exchange?

Wiles approved the restructuring plan after overruling the U.S. Securities and Exchange Commission's "vague" objection to the Binance acquisition. SEC attorney William Uptegrove told Wiles at a hearing last week that SEC investigators believe Binance.US is operating an unregistered securities exchange.