Binance.US Notifies Customers of Fixed U.S. Dollar Withdrawal Issues
Binance.US, a U.S. crypto exchange, has notified its customers that the problems with U.S. dollar withdrawals have been fixed after working with its banking partners; however, they cautioned that this resolution may not be permanent.
In a June 22 update, the purported autonomous branch of crypto exchange Binance notified users that its system is still functioning optimally and USD withdrawal requests should return to the usual five-business-day processing period.
On June 9, the exchange halted dollar deposits and notified its patrons of an impending interruption to fiat withdrawal avenues in the midst of its ongoing struggle with the Securities and Exchange Commission.
At the time, a warning was issued to customers that the banking partners of the company were getting ready to halt fiat (USD) withdrawal channels as early as June 13; however, this has not happened yet.
In its most recent statement, Binance.US urged customers who experienced unsuccessful withdrawal attempts to resubmit their requests as the company’s systems are still functioning, though it warned that the resolution might not be long-term.
Binance.US Encourages Crypto-Only Exchange, Adds More USDT Trading Pairs
Binance.US is encouraging its users to take advantage of the transition to a crypto-only exchange by “using, withdrawing, or converting their USD to a stablecoin in order to continue crypto-to-crypto trading.”
It was noted that any USD balances left in customer accounts could be converted to Tether (USDT) at some point in the future.
The announcement further revealed that more USDT trading pairs with ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL will be added on June 26.
Binance.US coins are trading at a higher price due to worries about possible litigation and problems with fiat currency gateways.
Binance.US, however, stated that it will take away the majority of its “USD Advanced Trading pairs” from the platform on the same date. Of the 150 digital currencies that Binance.US offers, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT can be exchanged against the dollar.
The firm has also encountered issues with its banking partners in Australia. In May, Bitcoin prices dropped to a 20% reduction on the Australian division of Binance when local banking and payments partners halted their services, leading to a surge in selling and cashing out.
Magazine: US and China Attempt to Suppress Binance, SBF Alleges $40M Bribe.
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