Binance.US, the US-based cryptocurrency exchange, has successfully resolved the issue related to Withdraw US dollars.
- Binance.US has resolved USD withdrawal issues but warns of potential future disruptions.
- Banking partners may discontinue the US dollar withdrawal service.
- Customers are advised to resubmit orders and consider stablecoins for cryptocurrency trading.
Status update and future concerns regarding USD withdrawals on Binance.US
Binance.US has worked closely with its banking partners to rectify the USD withdrawal issue; However, customers have been warned that this solution may only be temporary.
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Currently, users can withdraw US dollars without any hindrance on the platform, but the exchange expects its banking partners to stop this service in the near future, leading to potential disruptions in the possibilities of withdrawing dollars.
In a recent update on June 22, the independent subsidiary of binance Assure clients that his system is fully functional. It further stated that the processing period for US dollar withdrawal requests is expected to return to the standard turnaround time of five business days.
Earlier, on June 9, the exchange temporarily suspended dollar deposits and alerted customers about an upcoming outage in cash withdrawal channels due to its ongoing struggle with the Securities and Exchange Commission (SEC).
It also warned users in advance that its banking partners were preparing to stop mandatory withdrawal channels by June 13. However, this deadline passed without any disruptions.
In light of the current situation, Binance.US advised customers who encountered failed withdrawal attempts to resubmit their requests as the system is now running smoothly.
Additionally, the Binance.US platform proactively encourages its users to consider using stablecoins, transferring USD, or withdrawing funds to facilitate continued cryptocurrency trading. This move reflects the exchange’s shift towards becoming a crypto-only platform.
Convert USD balances and updates on trading pairs
Binance.US has provided information regarding the possible transfer of remaining USD balances to Tether at a later date.
Additionally, the announcement highlighted the introduction of new trading pairs including ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL on June 26.
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However, the company also revealed its plan to remove most of the “advanced USD trading pairs” from the platform on the same date.
Only 10 cryptocurrencies can still be traded for dollars out of the 150 supported cryptocurrencies on the exchange from now on. These include BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT.
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It is worth noting that Binance.US faced similar challenges with its banking partners in Australia. In May, the Australian branch saw a huge drop in the Bitcoin price, reaching a 20% discount.
This happened when local banking and payments partners suspended their services, which led to a rush to sell and cash in.
Featured image from iStock, chart from TradingView.com