29. September 2023

Binance.US Resolves USD Withdrawal Issues, Warns of Possible Discontinuation

• Binance.US has resolved their USD withdrawal issues and expects them to be processed within five business days.
• The exchange also warned customers of the potential discontinuation of USD withdrawal services in the near future.
• Binance.US is transitioning to a crypto-only exchange, adding more USDT trading pairs and removing most “USD Advanced Trading pairs” from its platform on June 26th.

Binance.US Resolves USD Withdrawal Issues

Binance.US, a cryptocurrency exchange based in the United States, has resolved their recent issues with US dollar withdrawals through cooperation with their banking partners. With this announcement, USD withdrawals are expected to be processed within the usual timeframe of less than five business days.

SEC Uses Aggressive Tactics Towards American Digital Asset Industry

The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry and Binance.US’s business partners have not been spared in the use of these tactics which has created disruption for customers over recent weeks.

Warning of Potential Discontinuation of Services

Binance.US also issued a cautionary statement, informing customers that the relief from withdrawal issues may be temporary as they anticipate that its banking partners will discontinue USD withdrawal services in the near future. Given this warning, Binance.US encourages users to withdraw or convert their USD balances into stablecoins to continue trading on the platform such as Tether (USDT).

Transitioning To Crypto-Only Exchange

Binance US is moving towards becoming a crypto-only exchange and has been slowly removing crypto-fiat trading pairs from its platform hoping to convert customers’ USD balances into popular stablecoin Tether (USDT) to make trading easier. The exchange also highlighted addition of more USDT trading pairs including ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO XTZ and ZIL effective from June 26th but most “USD Advanced Trading Pairs“ will be removed on same date leaving BTC ETH ADA BNB LTC MATIC SOL VET USDC and USDT tradable against USD only on exchange platform .

13 Day Window for Binance US Is Ending

On June 9th , Binance US temporarily suspended USD deposits because it was subject to ongoing SEC lawsuit but received court consent allowing them resume operations when Judge Amy Bermant Jackson rejected SEC’s request for temporary restraining order against exchanges assets . As part agreement , only employees would have access customer funds during 13 day window . This window is ending now with latest announcements indicating that all normal services such as depositing withdrawing funds should be back up running again soon .