Binance.US, a cryptocurrency exchange announced that after operating with its banking partners, Binance told users that its problems with U.S. dollar withdrawals have been rectified, but it advises that the relief may not continue.
In a customer update on June 22, the supposedly independent Binance company stated that its system is still fully functional and that U.S. dollar withdrawal requests are anticipated to resume completing within five business days.
In the midst of its prolonged dispute with the Securities and Exchange Commission, Binance banned dollar deposits on June 9 and informed its users that fiat withdrawal routes would soon be inaccessible.
Moreover, it also informed clients that its banking partners were getting ready to halt fiat withdrawal routes as early as June 13. However, this hasn’t yet happened.
In its latest update, Binance.US invited any users who had unsuccessful withdrawal attempts to try again “as our systems remain fully operational,” but it also issued a warning that the relief would not last forever.
Despite the fact that USD withdrawal is now still completely operational on our website, we expect that our banking partners will discontinue providing it soon.
While it transforms to a crypto-only exchange, Binance US is also pushing its customers to “use, withdraw, or swap your USD to a stablecoin to keep doing crypto-to-crypto trading.”
The company warned that any remaining USD balances in the client wallets could be turned into Tether at a later time.
Additional USDT trading pairs, including XNO, ZIL, DAI, ANKR, IOTA, DASH, ICX, WAVES, XTZ, RVN and HBAR were also disclosed in the statement and these pairings will be launched on June 26.
Nevertheless, it was made clear that the majority of “USD Advanced Trading pairs” would be taken off the trading platform. Only a few of the 150 cryptocurrencies supported by Binance.US will be available to be traded against the US dollar: USDC, BNB, BTC, MATIC, VET, ADA, LTC, SOL, ETH and USDT.
The firm has also experienced issues with Australian banking partners. When local banking and payment providers ceased their services in May, there was a rush to sell and cash outand Bitcoin prices on the Australian branch of Binance plunged to a 20% discount.
