Binance.US Resolves Dollar Withdrawal Issues Despite Dispute With US SEC

Binance.US, the US-based crypto exchange and a separate entity to Binance Global Ltd, has announced that it has resolved the dollar withdrawal issue after collaborating with its banking partners.

However, the exchange warned that the issue would be short-lived after the firm announced the recent development to its customers on June 22.

Returning USD Withdrawal Services

In its latest update, Binance.US has assured customers that its platform will resume its usual smooth operations while the processing time for US dollar withdrawals will return to its regular turnaround period of five business days.

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On June 9, the exchange temporarily halted dollar deposits, informing its customers about an upcoming temporary suspension of fiat withdrawal options. The firm made this decision in response to its ongoing regulatory challenges with the US Securities and Exchange Commission (SEC).

During that period, Binance.US reportedly issued a cautionary message to its customers, informing them about its banking partners’ potential suspension of fiat withdrawals starting June 13. However, that anticipated pause is yet to be implemented by the exchange’s partners.

In its latest official statement, Binance.US also advised customers who encountered failed withdrawal attempts to resubmit their requests, assuring them that their systems are currently functioning without any issues. Surprisingly, the exchange noted that the resumption of USD deposits and withdrawals is not a permanent solution, urging users to remain vigilant as it can issue an update anytime.

Furthermore, Binance.US advised users to use the “withdraw” or “convert USD” to stablecoin feature to proceed with their crypto-to-crypto transactions as the platform seeks to transition to a crypto-only trading exchange.

Dropping Most Advanced Trading Pairs

Binance.US said it might remove most of the “USD Trading Pairs” from its platform. Among the 150 crypto assets available on Binance.US, only a select few, notably BTC, ADA, MATIC, BNB, ETH, LTC, VET, SOL, USDT, and USDC, will be allowed to trade against the USD.

Binance.US also indicated that customers’ remaining USD balances might be converted into Tether (USDT) later. Meanwhile, the announcement highlighted the addition of several new USDT trading pairs by June 26.

Those trading pairs include ANKR, XNO, DASH, RVN, HBAR IOTA, DAI, WAVES, XTZ, ICX, and ZIL, providing users with expanded options for their trading activities.

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Earlier, the Australian branch of Binance faced significant challenges with its banking partners. As a result, the value of Bitcoin dropped by 20% on the Binance Australia platform last month.

For its part, Binance.US was at the center of a regulatory crackdown from the SEC after the regulator filed a lawsuit against Binance Global and its CEO Changpeng Zhao. The good news is that both parties have reached an agreement pending the conclusion of the ongoing case.

Author: Owen Clark

Owen Clark, a seasoned crypto newsman and broker, deciphers the intricacies of the digital currency realm, empowering investors with his astute analysis and actionable insights.

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