The American crypto exchange Binance.US has informed its clients that it has resolved its US dollar withdrawal issues after working with its banking partners, but cautions that the relief may not be lasting.
The supposedly independent affiliate of the cryptocurrency exchange Binance informed its clients in a June 22 update that its system remains fully operational and withdrawal requests for US dollars are expected to return to their normal five business day window.
On June 9, the exchange suspended dollar deposits and notified its clients of a pause in fiat money withdrawal channels. in the midst of his battle with the Securities and Exchange Commission.
At that moment, it also warned customers that its banking partners were preparing to discontinue fiat money withdrawal channels starting June 13.
In his most recent statement, Binance.US has encouraged all clients who have had a failed withdrawal attempt to resubmit their requests “as our systems remain fully operational,” but warned that the relief may not be permanent.
“While USD withdrawal remains fully operational on the platform today, we expect our banking partners to discontinue that service in the near future.”
Binance.US is also encouraging its users to “use, withdraw, or convert their USD to a stablecoin to continue crypto-to-cryptocurrency trading,” as it is transitioning to becoming a crypto-only exchange.
While USD withdrawals remain fully operational, we encourage you to use, withdraw, or convert your… pic.twitter.com/LWDWVvwtoq
—Binance.US Customer Support (@BinanceUShelp) June 22, 2023
Reminder: In our transition to a crypto-only exchange, we will be removing certain Advanced Trading USD pairs from our platform on June 26 at 8pm PDT / 11pm EDT. While USD withdrawals are still fully operational, we encourage you to use, withdraw or convert your…
Any remaining USD balance in client accounts could be converted into Tether (USDT) at a future datehe pointed.
The announcement also included details of more USDT trading pairs. with ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL to be added on June 26.
However, it noted that it would remove most of the “USD Advanced Trading pairs” from the platform on the same date. Of the 150 crypto assets that Binance.US supports, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will be tradable against the dollar.
The company has also had problems with banking partners in Australia. In May, bitcoin prices plunged to a 20% discount on Binance’s Australian branch as local banking and payment partners suspended their services, triggering a flurry of sales and cash withdrawals.
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