Binance US Restores USD Withdrawals – The U.S. branch of Binance, the largest cryptocurrency exchange in the world, has declared that it has successfully addressed the problems concerning the withdrawal of U.S. dollars (USD). The trading platform, which recently managed to prevent the freezing of its assets as requested by the United States Securities and Exchange Commission (SEC), informed its customers that withdrawal services may be temporarily halted once more.
The subsidiary of the prominent international digital asset exchange has collaborated with its partners to rectify nearly all the delayed USD withdrawal issues. Binance US has advised users to resubmit any previous withdrawal requests that were unsuccessful, assuring them that the majority of these requests will be processed and completed within a span of five business days.
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At the same time, the crypto trading platform explained that currently its systems remain fully operational but noted it expects its banking partners to discontinue the USD withdrawal service in the near future and suggested: “While we continue to pursue new partners to re-establish USD deposits and withdrawals, we encourage users to use, withdraw, or convert their USD fiat balances to stablecoins to continue crypto-to-crypto trading on the platform.”
Binance US halted USD deposits and withdrawals earlier this month and asked customers to withdraw dollars by June 13, pointing out that the SEC’s legal action against it “has created challenges for the banks with whom we work.” The regulatory body filed a lawsuit against BAM Trading Services and BAM Management US Holdings, the operators of the American exchange, along with Binance founder Changpeng Zhao (CZ).
The lawsuit claims that they have been involved in the sale of unregistered securities, which is a violation of U.S. laws, and have mishandled user funds. However, Binance was able to avoid the freezing of its U.S. assets by reaching an agreement with the SEC. Additionally, Binance US revealed its plans to transform into a trading platform exclusively dedicated to cryptocurrencies.
As part of this transition, the company stated that any remaining USD balances in customer accounts may be converted to tether (USDT) at a later date. Furthermore, Binance US announced its intention to expand its trading options by incorporating the dollar-pegged stablecoin, while simultaneously eliminating the majority of USD trading pairs on June 26.
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“Thereafter, USD Advanced Trading pairs will only be available for the following digital assets: BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT,” the exchange detailed and urged traders to execute or cancel any open orders with the dollar before these pairs are removed. Binance US also aimed to provide reassurance to its customers regarding the safety and security of their assets.
