Binance.US, a leading crypto exchange in the United States, has announced that it has temporarily resolved its U.S. dollar withdrawal issues. However, the firm cautions that this solution may not be long-lasting.
The crypto exchange, which operates independently of its parent company Binance, informed its customers on June 22 that its system is fully functional and that U.S. dollar withdrawal requests should revert to their standard processing time of five business days.
Earlier, on June 9, the exchange had put a halt to dollar deposits and alerted its customers about a potential disruption in fiat withdrawal channels due to its ongoing conflict with the Securities and Exchange Commission. The company had also warned that its banking partners might suspend fiat withdrawal channels as early as June 13, but this has not happened so far.
In its most recent announcement, Binance.US encouraged customers who had unsuccessful withdrawal attempts to resubmit their requests, as their systems are fully operational. However, the company also issued a warning that this operational status might not last, as they anticipate their banking partners to discontinue the withdrawal service in the near future.
As Binance.US transitions to a crypto-only exchange, it is advising its users to use, withdraw, or convert their USD to a stablecoin for continued crypto-to-crypto trading. The company also announced that any remaining USD balances in customer accounts could be converted into Tether (USDT) in the future.
The update also included the addition of more USDT trading pairs with ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL on June 26. However, most “USD Advanced Trading pairs” will be removed from the platform on the same date. Out of the 150 crypto assets that Binance.US supports, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will remain tradable against the dollar.
Binance.US has also faced issues with banking partners in Australia. In May, Bitcoin prices dropped to a 20% discount on the Australian branch of Binance when local banking and payment partners suspended their services, leading to a rush to sell and cash out.
