Binance.US, one of the most popular crypto exchanges in the US, has recently taken steps to address worries about the ability to withdraw USD and put out a warning about the possibility of stopping service. As the rules about cryptos continue to change, the exchange wants to ensure it stays in line while giving its users clarity and help.
Customers of Binance’s US-based subsidiary, Binance.US, have been advised that the company’s issues with USD withdrawals have been fixed. The exchange claims the problems were resolved after consulting with its banking partners. The information was released just days after the exchange, and the US SEC agreed that their assets would not be frozen.
Binance.US claimed that its system is still fully operational and that processing of USD withdrawal requests is expected to resume in five working days. Customers have been warned by the exchange, nevertheless, that the alleviation might not last.
Binance.US grapples with banking partners over USD withdrawals
Binance.US has worked closely with its banking partners to resolve its USD withdrawal issue, but it has cautioned its customers that this resolution could be transient.
Currently, users can withdraw USD on the platform without restriction. However, the exchange anticipates that its banking partners might end this service soon, resulting in potential withdrawal limitations.
In a recent update on June 22, the independent subsidiary of Binance told users that its system is fully working. It also said that withdrawal requests in US dollars should be processed in the average amount of time, five working days.
In light of the exchange’s ongoing legal battle with the SEC, the platform temporarily halted US dollar deposits on June 9 and informed users of an impending halt to fiat withdrawal channels.
Binance.US was given the green light to resume operations in the US after Judge Amy Bermant Jackson rejected the SEC’s request for a temporary blocking order on the exchange’s assets. To maintain its independence from Binance.com, Binance.US restricted access to customer funds on the US-based exchange to its employees alone.
It also told users that its banking partners planned to shut down fiat withdrawal routes by June 13. But that date came and went without any problems happening.
Due to the present situation, Binance.US has told customers whose withdrawal requests were denied to try again since the system works correctly.
Also, Binance.US tells its users to consider using stablecoins, converting their USD, or withdrawing funds to keep dealing crypto-to-crypto. This move shows that the market is moving toward becoming a place where only crypto is traded.
Binance.US access to the private keys linked to wallets, including Binance-related hardware, software, and cold and hot wallets, was forbidden to global officials. They were also prohibited from using the US subsidiary’s internal systems and controls for 13 days starting June 17.
Binance.US updates and improved USD balance conversion
In light of the changing legal landscape and USD withdrawal issues, Binance.US is continuously researching alternate options to maintain functionality and consumer pleasure.
The exchange wants to diversify its services and offer more fiat and cryptos. Binance.US seeks to build a stable and resilient platform for its users by adding trading pairs, financial partners, and novel payment solutions.
Binance.US stated that USD balances could be converted into Tether later. On June 26, ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL introduced new trading pairs.
Nevertheless, the business announced it would take most “USD Advanced Trading pairs” off the platform on the same day.
Even though the exchange initially accepted 150 different cryptos, just 10 of those will be available for trading against the dollar going forward. Examples include cryptos like BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT.
It’s important to remember that Binance.US has had similar problems with its Australian financial partners. Bitcoin prices in Australia fell dramatically in May, falling to a 20% discount.
There was a flurry of selling and cashing out since local banks and payments partners had temporarily stopped their operations.