Binance.US Resolves USD Withdrawal Issues, Warns of Discontinuation

• Binance.US has resolved their US dollar withdrawal issues and expects withdrawals to be processed within the usual timeframe of less than five business days.
• The exchange has warned customers of potential discontinuation in USD withdrawals from their banking partners in the near future, encouraging users to convert their USD balances into stablecoins instead.
• Binance.US plans to become a crypto-only exchange and is removing most “USD Advanced Trading pairs” from its platform, with only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC and USDT remaining tradable against the USD.

Binance.US Resolves USD Withdrawal Issues

Binance.US has resolved their recent issues with US dollar withdrawals through cooperation with their banking partners. The exchange now expects USD withdrawals to be processed within the usual timeframe of less than five business days.

Warning of Potential Discontinuation

Despite resolving the withdrawal issues for now, Binance.US issued a cautionary statement informing customers that relief from withdrawal issues may be temporary as they anticipate that its banking partners will discontinue USD withdrawal services in the near future. Thus customers are encouraged to withdraw or convert their USD balances into stablecoins such as Tether (USDT) in order to continue trading on the platform.

Moving Towards Crypto-only Exchange

As part of its move towards becoming a crypto-only exchange , Binance.US has been slowly removing crypto-fiat trading pairs from its platform and adding more USDT trading pairs including ANKR, DAI, DASH etc., effective from June 26th . Out of the 150 cryptocurrencies supported by the exchange , only BTC , ETH , ADA , BNB , LTC , MATIC , SOL , VET , USDC and USDT will remain tradable against the USD .

SEC Lawsuit Against U S Digital Asset Industry

The SEC has taken an aggressive stance against digital asset industry in America recently which led to legal complications for Binance . US resulting in temporarily suspension of deposits and anticipation for pause regarding fiat withdrawal channels due to ongoing lawsuit . However it was able achieved court consent by making sure that only its employees would access customer funds during this time period .

Conclusion

Binance’s U S operations have resumed following a 13 day window while customers are advised not to rely on fiat transactions due to possibility of discontinuing these services soon . Instead users should look at converting their funds into stablecoin options such as Tether (USDT) which is believed increase user experience whilst using this platform