US-based crypto exchange Binance US has informed its customers that the US dollar withdrawal issue has been resolved. After working with banking partners But it warned that banking alliances would stop providing such services in the near future.
Binance US has informed clients in an update on June 22 that the system is still fully functional. And USD withdrawal requests are expected to resume normal processing in five business days.
On June 9th, the exchange stopped depositing dollars. and notify the client of the upcoming cessation of withdrawal methods. Amid an ongoing battle with the US Securities and Exchange Commission
At the time, the exchange also warned its clients that allied banks were preparing to temporarily halt fiat (USD) withdrawals as early as June 13. However, in a recent statement, Binance US told clients that failed withdrawal attempts to submit their requests. again “As our systems are still fully functional,” but warned that the service maynostay permanently
“While USD withdrawals are still fully operational on the platform today. We expect our banking partners to stop providing such services in the near future.”
Binance US also encourages customers to “use, withdraw, or convert your USD into Stablecoin to carry out trading. continue crypto-to-crypto” while transitioning to crypto-only exchanges.
The remaining USD balance in client accounts can be converted to Tether, and additional USDT trading pairs such as ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ and ZIL will be added to Tether. June 26
Most of the “USD currency pairs” will be removed from the platform on the same day. Of the 150 crypto assets supported by Binance.US, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC remain. And only USDT can be traded against the dollar.