Binance.US, the US-based cryptocurrency exchange, has informed its customers that it has resolved the issues with US dollar withdrawals by working with its banking partners. In a June 22 update, the exchange stated that its systems are fully operational and that USD Withdrawal requests are expected to return to their normal processing time of five business days.
Earlier, on June 9, the exchange had suspended US dollar deposits and had warned customers about the potential suspension of fiat withdrawal access due to an ongoing dispute with the Securities and Exchange Commission (SEC). However, the anticipated suspension did not mature. ialize by the stated date of June 13. Binance.US has encouraged customers with failed withdrawals to resubmit their requests while their systems are operational, but cautioned that the relief might be temporary, stating, "While USD withdrawals remain fully operational on the platform at this time, We expect our banking partners to discontinue the service in the near future."
As Binance.US transitions into a pure-cryptocurrency exchange, it has advised users to utilize, withdraw, or convert US dollars into stablecoins for continued trading between cryptocurrencies. Any remaining USD balances in customer accounts can be converted to Tether (USDT) at a later date.
The announcement also included information about additional USDT trading pairs that were added on June 26, while most "USD premium trading pairs" will be removed from the platform on the same day. Among the 150 supported crypto assets on Binance.US, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will be available for trading against the USD.
Binance.US has faced similar issues with its banking partners in Australia, where bitcoin prices on its Australian branch plummeted by 20% in May due to local banks and payment partners suspending their services, leading individuals to sell and cash out their holdings.
