BinanceUS Restores USD Withdrawals And Announces Major Changes

Binance.US, the U.S.-based arm of the world’s largest crypto exchange Binance, on Friday announced that it has successfully worked with banking partners to resolve all USD withdrawal issues on the crypto exchange. However, it warns banking partners may terminate the service in the near future and recommends converting USD fiat balances to stablecoins.

According to an official announcement on June 23, Binance.US announced that it has worked with its banking partners to resolve nearly all delayed USD withdrawal requests. The crypto exchange will complete most USD withdrawal requests within the normal timeframe of 5 business days or less. It also suggests users to resubmit failed withdrawal requests as systems are operating normally.

“We are incredibly proud to uphold our commitment to you and look forward to serving you as a crypto-only exchange. To prepare for this transition, we wanted to share some important changes that you should know about.”

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Binance.US Expects Banking Partners May Terminate USD Withdrawals in the Future

Despite USD withdrawals working normally, Binance.US expects banking partners could terminate USD withdrawals or off-ramp services in the future. Meanwhile, the exchange looking for new bank partners for USD deposits and withdrawals.

Binance.US recommends users use, withdraw, or convert their USD fiat balances to stablecoins. As the exchange transitions to a crypto-only exchange, the remaining USD balance in accounts may be converted to USDT at a future date.

However, USDT continues to depeg on Binance.US, falling to 0.96 against USD.

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Removes USD Trading Pair For USDT Trading

Binance.US announces new USDT pairs for digital assets such as ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL. Users can start trading for these pairs from June 26 at 7 PM PDT / 10 PM EDT.

The crypto exchange will also remove most USD Advanced Trading pairs on June 26. BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will be the only digital assets available with USD pairs. The exchange has retains Cardano, Solana, and Polygon (MATIC) despite US SEC referring these as securities in lawsuits against Binance and Coinbase.

Meanwhile, Binance.US filed a motion against the SEC for contradictory statements around its alleged “commingling” of client assets. Binance and Binance.US also separate wallets and management teams.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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