Binance.US: Issue with USD Withdrawals Resolved, Brings Temporary Relief

Sahana Kiran
Source – Unsplash

Binance’s U.S. branch, a prominent cryptocurrency exchange, has recently faced increased regulatory scrutiny. In the midst of an ongoing legal dispute with the Securities and Exchange Commission [SEC], the exchange made the decision to halt dollar deposits. Additionally, there were indications of a possible pause on withdrawals. Nevertheless, Binance.US has successfully resolved its withdrawal issue and it currently operational.

The exchange issued an update on June 22, assuring its customers that its system is currently operating without any problems. According to the update, USD withdrawal requests are expected to be processed within the usual timeframe of five business days. The resolution was reportedly achieved through collaboration with the exchange’s banking partners. However, it is important to note that this solution may not be permanent, implying that future changes or issues could arise. The exchange added, “we expect our banking partners to discontinue that service in the near future.”

Additionally, Binance.US, in its latest statement, has advised customers who experienced failed withdrawal attempts to resubmit their requests. Further talking about the way forward, the exchange said,

“While we continue to pursue new partners to re-establish USD deposits and withdrawals, we encourage users to use, withdraw, or convert their USD fiat balances to stablecoins to continue crypto-to-crypto trading on the platform. Any remaining USD balance in your account may be converted to USDT at a future date.”

Binance.US to transform into a crypto-exclusive exchange

Along with this announcement, the exchange reminded the community that Binance.US would transition into a crypto-only exchange. Binance.US also disclosed the addition of several USDT trading pairs, including ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL. The platform has scheduled the addition of these trading pairs on June 26.

Furthermore, Binance.US announced that it will be discontinuing most of the “USD Advanced Trading pairs.” The platform will execute this change on the same date. Among the 150 digital assets supported by Binance.US, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will remain available for trading against the dollar.