Binance.US has finally resolved its USD withdrawal issues but has admitted that the fix will not be a permanent solution. And it is asking users to convert their USD to stablecoins.
The exchange updated that it has resolved the issue of delayed withdrawals with its banking partners. It says withdrawal requests will be honored within five business days.
Binance.US Continues USD Withdrawals
However, the exchange warned that its banking partner may discontinue the service in the future. Hence, it asked customers to convert their USD holdings to stablecoins.
Lastly, Binance.US informed that it would convert the remaining USD balance of users to USDT at “a future date.” But it has not mentioned the date specifically.
On June 9, Binance.US announced halting all USD deposits and withdrawals amid troubles from the Securities and Exchange Commission (SEC). It also declared its plan to become a crypto-only exchange.
Regulatory Challenges From SEC
Due to issues arising from the SEC lawsuit, the exchange has been suffering from liquidity issues. Hence, on Wednesday, the price of Bitcoin shot up to $138,000 for a short period.
What is the difference between Binance and Binance.US? Click here to read a detailed comparison
Moreover, Binance.US reportedly had to cut its workforce to prepare for the lawsuit.
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Source: https://beincrypto.com/binance-us-restart-usd-withdrawals/