SNEAK PEEK
- Binance.US resolves USD withdrawal issues, but uncertainty persists.
- Banking partners may discontinue the USD withdrawal service soon.
- Binance.US transitions to a crypto-only exchange and adds new trading pairs.
In a recent update, Binance.US, the United States-based cryptocurrency exchange, has successfully resolved its U.S. dollar withdrawal issues, relieving its customers. However, this respite may be short-lived, as the exchange warns that its banking partners will likely discontinue the service soon.
https://t.co/hSHrrlF7o7 solves USD withdrawal issues but warns it won’t last long https://t.co/Y0e0xKmD4v
— CZ 🔶 Binance (@cz_binance) June 23, 2023
Following a temporary suspension of dollar deposits and a notification regarding a pause in fiat withdrawal channels due to its ongoing battle with the SEC, Binance.US has now confirmed its system is fully operational. Further, the exchange expects U.S. dollar withdrawal requests to return to their average five-business-day turnaround.
Despite this positive development, Binance.US urges customers to remain cautious, emphasizing that the relief experienced may not be permanent. While users can withdraw USD without issues, the exchange anticipates its banking partners’ withdrawal channels pausing in the coming days.
Moreover, to ensure uninterrupted trading, Binance.US recommends users utilize, withdraw, or convert their USD holdings to stablecoins, facilitating continued crypto-to-crypto transactions. It also states that any remaining USD balances may be converted into Tether (USDT) later.
Reminder: As we transition to a crypto-only exchange, https://t.co/gM6e3xb9BX will remove select USD Advanced Trading pairs from our platform on 6/26 at 8 p.m. PDT / 11 p.m. EDT.
While USD withdrawals remain fully operational, we encourage you to use, withdraw, or convert your… pic.twitter.com/LWDWVvwtoq
— Binance.US Customer Support (@BinanceUShelp) June 22, 2023
Additionally, Binance.US announced the introduction of new USDT trading pairs with ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL on June 26. However, it clarifies that most “USD Advanced Trading Pairs” will be removed from the platform.
Consequently, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will be available for trading against the dollar among the 150 supported crypto assets.
Overall, while Binance.US celebrates the successful resolution of its USD withdrawal issues, it remains vigilant in addressing the evolving regulatory landscape and adapting its services to ensure a seamless user trading experience.
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- Source: https://investorbites.com/binance-us-resolves-usd-withdrawal-issues-but-uncertainty-looms/
