- June 26, 2023
- Posted by: [email protected]
- Category:
Binance.US, a renowned cryptocurrency exchange operating in the United States, has finally resolved the lingering USD withdrawal concerns through collaboration with its banking partners. The subsidiary, however, has warned its users that this resolution may only be temporary.
Binance.US notified its users in a recent update on June 22 that its system is currently operating at full capacity and that US dollar withdrawal requests are expected to revert to their normal processing period of five working days. This comes after the exchange banned dollar deposits on June 9 and cautioned consumers about a possible halt in fiat withdrawal channels as a result of its ongoing dispute with the Securities and Exchange Commission.
Although the projected pause by the banking partners on June 13 did not occur as initially anticipated, Binance.US has advised its customers to resubmit any failed withdrawal attempts, emphasizing that their systems are fully operational. Nevertheless, the exchange expressed concern that the relief experienced by customers may not last long, anticipating that its banking partners will likely discontinue the USD withdrawal service in the near future.
As a transition towards becoming a crypto-only exchange, Binance.US is encouraging its users to utilize stablecoins or convert their USD balances to stablecoins in order to engage in crypto-to-crypto trading. The exchange has also announced its intention to potentially convert any remaining USD balances into Tether at a later date.
The update also contained details on new USDT trading pairings. Binance.US will launch trading pairs for ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL on June 26. However, on the same date, the exchange intends to remove the majority of “USD Advanced Trading pairs” from its platform. Only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will be traded against the US dollar among the 150 supported crypto assets.
It is worth noting that Binance.US has also faced challenges with banking partners in Australia. In May, the Australian branch experienced a significant drop in Bitcoin prices when local banking and payment partners suspended their services, leading to a rush among users to sell and cash out their cryptocurrencies.
