Binance.US Resolves Dollar Withdrawal Issues, while Transition to Crypto-Only Exchange Begins

Binance.US, the United States-based cryptocurrency exchange, has informed its customers that it has resolved the issues related to U.S. dollar withdrawals by collaborating with its banking partners, reports Cointelegraph. However, it warns that this resolution may not be a long-term solution.

In an update on June 22, the independent subsidiary of Binance assured its customers that its system is fully operational, and they can expect U.S. dollar withdrawal requests to return to the normal turnaround time of five business days. On June 9, the exchange temporarily halted dollar deposits and informed its customers about an impending pause in fiat withdrawal channels due to an ongoing conflict with the Securities and Exchange Commission. It had previously alerted customers that its banking partners might suspend fiat withdrawal channels starting from June 13, but that did not happen.

In the latest statement, Binance.US urged customers who experienced failed withdrawal attempts to resubmit their requests since the system is still functioning normally. However, it cautioned that the current relief may not be permanent. As part of its transition to becoming a crypto-only exchange, Binance.US encouraged users to utilize, withdraw, or convert their USD to a stablecoin for crypto-to-crypto trading. Any remaining USD balances in customer accounts could be converted into Tether (USDT) at a later date, with a value pegged to $1.00.

The announcement also revealed that more USDT trading pairs, including ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL, will be added on June 26. However, it stated that most "USD Advanced Trading pairs" would be removed from the platform on the same date. Out of the 150 supported cryptocurrencies on Binance.US, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will remain tradable against the dollar.

Furthermore, the company faced banking partner issues in Australia as well. In May, the Australian branch of Binance experienced a 20% discount in Bitcoin prices when local banking and payments partners suspended their services, leading to a rush of selling and cashing out.