According to a recent update provided by Binance.US, a cryptocurrency exchange based in the United States, the issue of U.S. dollar withdrawals has been resolved after working closely with their banking partners. However, the company cautions that this solution may not be a permanent one. Binance.US, which is said to operate independently from its parent company Binance, has assured its customers that its system is fully operational and that U.S. dollar withdrawals are expected to return to their usual five-business-day turnaround time.
On June 9th, the exchange temporarily ceased dollar deposits and informed its clients of an impending pause to fiat withdrawal channels due to its ongoing conflict with the Securities and Exchange Commission. Additionally, it cautioned its customers that its banking partners were preparing to potentially pause fiat withdrawal channels as early as June 13th, though this has not yet occurred.
Binance.US has released a recent statement advising its customers who have experienced failed withdrawal attempts to resubmit their requests, as the company’s systems are currently functioning normally. However, Binance.US also warned that this relief may only be temporary.
Binance.US is urging its users to consider utilizing stablecoins to continue engaging in crypto-to-crypto trading, as the exchange is in the process of transitioning to a crypto-only platform. Customers are advised to either use, withdraw, or convert their USD to stablecoins in order to continue trading.
The company stated that any remaining USD balances held by customers may potentially be converted to Tether USDT $1.00 at a later time. The announcement also disclosed that additional USDT trading pairs, including ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL, are scheduled to be introduced on June 26th.
The company has announced that it will be removing the majority of “USD Advanced Trading pairs” from its platform on the same date. Out of the 150 different crypto assets currently supported by Binance.US, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will remain available for trading against the dollar.
The company has encountered difficulties with its banking partners in Australia. In May, Binance’s Australian division experienced a 20% decline in Bitcoin prices when local banking and payments partners suspended their services, prompting a surge in selling and cashing out.
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