Binance.US, the American subsidiary of cryptocurrency exchange Binance, has declared that it has resolved the issues related to U.S. dollar withdrawals. The company stated that it has worked with its banking partners to address the problem, but it also warned customers that the relief might not be long-lasting.
In an update shared on June 22, Binance.US assured its users that its system is fully operational, and it expects U.S. dollar withdrawal requests to return to their normal processing time of five business days. This development comes after the exchange suspended dollar deposits on June 9 and informed its customers about an impending pause in fiat withdrawal channels due to its ongoing conflict with the Securities and Exchange Commission (SEC).
Initially, Binance.US had cautioned users that its banking partners might halt fiat withdrawal channels as early as June 13. However, that deadline did not materialize. The exchange now urges customers who experienced failed withdrawal attempts during this period to resubmit their requests, emphasizing that its systems are functioning properly. Nonetheless, it cautions that the respite from withdrawal issues may not be permanent.
“While USD withdrawal remains fully operational on the platform today, we expect our banking partners to discontinue that service in the near future,” warned Binance.US.
To navigate this situation, Binance.US is encouraging its users to consider utilizing stablecoins or converting their U.S. dollars to stablecoins in order to continue engaging in crypto-to-crypto trading. As the exchange transitions to becoming a crypto-only platform, any remaining USD balances held by customers could potentially be converted into Tether, a popular stablecoin, at a later date, according to the company’s announcement.
Furthermore, Binance.US divulged its plans to introduce additional trading pairs involving Tether. Starting from June 26, users will be able to trade Tether against ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL.
The situation surrounding Binance.US underscores the challenges faced by cryptocurrency exchanges in maintaining stable banking relationships and regulatory compliance, particularly in the United States. Users of the platform should remain vigilant and prepare for potential disruptions in the future as the exchange adapts to changing circumstances.
