By collaborating with its banking partners, Binance.US, a cryptocurrency exchange based in the United States, has informed its customers that it has successfully resolved the problems associated with withdrawing U.S. dollars. However, the exchange has cautioned that this resolution may not be a lasting one.
In a statement released on June 22, the independent subsidiary of Binance announced that its system is currently operating smoothly, and withdrawals in USD are anticipated to be processed within the standard five-business-day timeframe.
On June 9, Binance.US halted dollar deposits and notified its customers of a temporary pause in fiat withdrawal channels due to an ongoing dispute with the Securities and Exchange Commission (SEC). The exchange also warned customers that its banking partners might suspend USD withdrawal channels as early as June 13, but that scenario has not materialized thus far.
In its recent communication, Binance.US has advised customers who have experienced failed withdrawal attempts to resubmit their requests, as the exchange’s systems are still functioning. However, it cautioned that this relief might not be permanent.
Binance.US is urging its users to consider utilizing stablecoins or converting their USD holdings into Tether (USDT) for crypto-to-crypto trading as the exchange transitions to a sole focus on cryptocurrencies.
Reminder: As we transition to a crypto-only exchange, https://t.co/gM6e3xb9BX will remove select USD Advanced Trading pairs from our platform on 6/26 at 8 p.m. PDT / 11 p.m. EDT.
While USD withdrawals remain fully operational, we encourage you to use, withdraw, or convert your… pic.twitter.com/LWDWVvwtoq
— Binance.US Customer Support (@BinanceUShelp) June 22, 2023
Additionally, the announcement stated that any remaining USD balances held in customer accounts can be converted into Tether (USDT) at a later date.
Furthermore, Binance.US has disclosed its plans to introduce new USDT trading pairs, including ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL, on June 26. However, it also mentioned that on the same date, most “USD Advanced Trading pairs” will be removed from the platform. Out of the 150 cryptocurrencies 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 faced similar challenges with its banking partners in Australia as well. In May, the Australian branch of Binance witnessed a 20% decrease in Bitcoin prices when local banking and payments partners suspended their services, resulting in a rush among users to sell and cash out.
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