Former SEC Enforcement Chief Slams Binance Action! What's Happening?

<p>&nbsp;The former head of US SEC enforcement, John Reed Stark, on Monday mocked Binance because the cryptocurrency exchange had suspended fiat withdrawals for customers in the European region. Customers are having trouble withdrawing their money from Binance because there is no on-ramp and off-ramp service provider and no time period for customers to get their money back.</p><p><br /></p><p>John Reed Stark in a statement on August 21 said the SEC and FINRA should immediately send a team of auditors, inspectors, and inspectors to investigate Binance's fiat withdrawal suspension. Then he mocked Binance for not having a registry in the European Zone.</p><p><br /></p><p>Stark cites a response from the Binance Customer Support Platform to a customer facing Euro withdrawals via SEPA. It revealed Binance has suspended Euro withdrawals and deposits via SEPA. Additionally, this exchange does not have a specific time frame for SEPA transitions.</p><p><br /></p><p>Binance previously announced that Paysafe partners will allow customers to transfer fiat via SEPA until September 25. However, this exchange suspends all "high frequency" users immediately.</p><p><br /></p><p><br /></p><p>At the same time, customers are asked to use alternative methods such as Visa cards or P2P services to buy and sell crypto.</p><p><br /></p><p>This crypto exchange has deregistered from several European countries including the Netherlands, Germany, Austria, and others. MiCA regulations allow crypto exchanges to receive passport rights in all countries of the European Zone if they are approved in one country.</p><p><br /></p><p>Binance is at risk of a lawsuit from the US DOJ after recent demands by the US SEC and CFTC. Meanwhile, the exchange has asked the CFTC's claim to be dismissed on the grounds that the regulator lacks jurisdiction.</p><p><br /></p><p>Binance and BinanceUS also oppose the US SEC's overreach in the suit. The protection order application submitted by the defendants BAM Trading Services and BAM Management US Holdings was referred to Magistrate Judge Faruqui for resolution.</p>