Binance.US has provided an update to its customers regarding the recent issues it faced with U.S. dollar withdrawals.
In a customer update issued on June 22, 2023, Binance.US assured users that its system is fully functional and stated that the processing of U.S. dollar withdrawal requests is expected to resume within five business days.
On June 9, 2023, Binance paused dollar deposits and informed users that fiat withdrawal options would soon become unavailable. The exchange had notified its customers that its banking partners were preparing to discontinue fiat withdrawal routes as early as June 13, 2023. However, as of now, no such action has been taken. While the USD withdrawal functionality is now operational, Binance.US still anticipates that its banking partners will soon cease to offer the service.
As part of its transition into a crypto-only exchange, Binance is urging its U.S. users to convert their USD to a stablecoin or withdraw their funds in order to continue engaging in crypto-to-crypto trading. The company also issued a warning that any remaining USD balances in client accounts may be converted into Tether (USDT) at a later point in time.
In addition to these developments, Binance announced the introduction of new trading pairs involving Tether (USDT). These pairs, which include cryptocurrencies such as ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL, will be available for trading from June 26, 2023. However, Binance.US clarified that the majority of “USD Advanced Trading pairs” will no longer be available on its platform starting from June 26, 2023. As a result, only a limited selection of cryptocurrencies, including BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT, will be tradable against the US dollar.
This issues with U.S. dollar withdrawals arose amidst an ongoing dispute between Binance and the U.S. Securities and Exchange Commission (SEC). The U.S. SEC has reportedly reached an agreement with Binance and Binance.US to ensure that customer funds from the United States remain within the country until the resolution of an ongoing lawsuit filed by the regulatory body earlier this month.
The details of the agreement have not been disclosed yet and are pending approval from the federal judge overseeing the case. The agreement aims to restrict access to these assets exclusively to Binance.US staff members, thereby safeguarding U.S. customer assets from being transferred elsewhere.
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