Binance.US: Resolution of the USD withdrawals issue provides short-term relief

A well-known cryptocurrency exchange called Binance has recently come under further regulatory investigation in the United States. The decision to prohibit dollar deposits was made by the exchange because it is currently engaged in a legal battle with the Securities and Exchange Commission (SEC). Indicators of a potential slowdown in withdrawals were also present. Nevertheless, the withdrawal problem with Binance.US has been fixed, and the site is now working.

On June 22, the exchange published an update assuring its users that there are no current issues with the system. The update states that USD withdrawal requests should be completed in the customary five business days. The exchange's banking partners are said to have worked together to find a resolution. However, it is crucial to note that this remedy might not be long-lasting, meaning

“we expect our banking partners to discontinue that service in the near future.”

Additionally, Binance.US has urged users who have had unsuccessful withdrawal attempts to resubmit their requests in its most recent message. The exchange continued as it discussed the next steps:

“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 will become a cryptocurrency-only exchange.

The exchange also reminded the neighborhood that Binance.US would move to a crypto-only exchange along with this news. A number of USDT trading pairings, including ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL, have also been added, according to Binance.US. These trading pairs will be added to the platform on June 26 as planned.

Additionally, Binance.US stated that it would stop offering the majority of the "USD Advanced Trading pairs." On the same day, the platform will implement this adjustment. Only a select few of the 150 digital assets accepted by Binance.US will still be able to be traded against the US dollar: BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT.


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