Binance.US, the United States-based cryptocurrency exchange, has successfully resolved the issue concerning the withdrawal of US dollars.
Binance.US resolved USD withdrawal issues but warns of potential future disruptions.
Banking partners may discontinue the USD withdrawal service.
Customers are advised to resubmit requests and consider stablecoins for crypto-to-crypto trading.
Status Update And Future Concerns For USD Withdrawals On Binance.US
Binance.US has collaborated closely with its banking partners to rectify its USD withdrawal problem; however, it has warned customers that this resolution may only be temporary.
Presently, users can withdraw USD without any hindrance on the platform, but the exchange anticipates that its banking partners might discontinue this service in the near future, leading to potential disruptions in dollar withdrawal capabilities.
In a recent update on June 22, the independent subsidiary of Binance assured customers that its system is fully operational. It further mentioned that the processing time for US dollar withdrawal requests is expected to return to the standard five-business-day turnaround period.
Earlier, on June 9, the exchange had temporarily suspended dollar deposits and alerted customers about an upcoming pause in fiat withdrawal channels due to its ongoing conflict with the Securities and Exchange Commission (SEC).
It had also forewarned users that its banking partners were preparing to halt fiat withdrawal channels by June 13. However, that deadline passed without any disruptions occurring.
In light of the current situation, Binance.US has advised customers who have encountered failed withdrawal attempts to resubmit their requests since the system is now functioning smoothly.
Additionally, Binance.US is proactively encouraging its users to consider utilizing stablecoins, converting their USD, or withdrawing funds to facilitate continued crypto-to-crypto trading. This move reflects the exchange’s shift towards becoming a crypto-only platform.
Conversion Of USD Balances And Updates On Trading Pairs
Binance.US has provided information regarding the potential conversion of remaining USD balances into Tether at a later date.
Additionally, the announcement highlighted the introduction of new trading pairs involving ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL on June 26.
However, the company also disclosed its plan to remove most “USD Advanced Trading pairs” from the platform on the same date.
Only 10 cryptocurrencies will still be able to be traded against the dollar out of the 150 supported cryptocurrencies on the exchange going forward. These include BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT.
It is worth noting that Binance.US has encountered similar challenges with its banking partners in Australia. In May, the Australian branch experienced a significant drop in Bitcoin prices, reaching a 20% discount.
This occurred when local banking and payments partners suspended their services, resulting in a rush to sell and cash out.
Featured image from iStock, chart from TradingView.com