• Binance.US has resolved their issues with USD withdrawals and anticipates further discontinuation of this service in the near future.
• The exchange is encouraging customers to withdraw or convert their USD balance into stablecoins for trading on the platform.
• Binance.US is also removing most “USD Advanced Trading pairs” from the platform on June 26.
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.
Potential Discontinuation of Service
However, Binance.US also issued a cautionary statement, informing customers that the relief from withdrawal issues may be temporary. The exchange anticipates 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.
Binance.US is moving towards becoming a crypto-only exchange and has been slowly removing crypto-fiat trading pairs from its platform have been removed from its platform over time.. It plans to convert customers’ USD balances into popular stablecoin Tether (USDT) to make trading easier by adding more USDT trading pairs including ANKR, DAI, DASH, HBAR etc., effective from June 26th .
SEC Action Against 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/Business partners have not been spared in these tactics which has created disruption in services offered by them according to a tweet by Biance US on 9th June .
Temporary Suspension of Operations
On June 9th ,Biance US temporarily suspended US deposits after Judge Amy Bermant Jackson rejected SEC’s request for temporary restraining order against assets held by them . As part of agreement , only employees were allowed access during 13 day window period ending 22nd june .