Binance.US has reported that dollar withdrawals are working normally again on its cryptocurrency platform. However, the situation may only be temporary
Binance.US restarts dollar withdrawals
Binance.US had a turbulent June due to disputes with the Securities and Exchange Commission (SEC), which resulted in a freeze on dollar withdrawals and deposits.
Despite this, the platform indicated on Thursday evening that these withdrawals were once again operating normally. As a result, Binance.US explained that it had worked with its various banking partners to resolve the situation, and that people whose requests had been unsuccessful were invited to start the process again:
Reminder: As we transition to a crypto-only exchange, https://t.co/gM6e3xb9BX will remove select USD Advanced Trading pairs from our platform on 6/26 at 8 p.m. PDT / 11 p.m. EDT.
While USD withdrawals remain fully operational, we encourage you to use, withdraw, or convert your… pic.twitter.com/LWDWVvwtoq
– Binance.US Customer Support (@BinanceUShelp) June 22, 2023
However, this situation may only be temporary, as the exchange also indicates that it expects further blockages:
“While USD withdrawal remains fully operational on the platform today, we expect our banking partners to discontinue this service in the near future. While we continue to look for new partners to reinstate USD deposits and withdrawals, we encourage users to use, withdraw or convert their fiat USD balances into stablecoins to continue crypto-crypto trading on the platform. “
In addition, trading pairs denominated directly against USD will be limited to the following assets from 26 June:
- BTC ;
- ETH ;
- ADA ;
- BNB ;
- LTC ;
- MATIC ;
- SOL ;
- VET ;
- USDC ;
- USDT.
While the spectre of a total asset freeze for Binance.US has receded following an agreement with the SEC, the platform continues to face difficulties arising from its regulatory challenges. Earlier this year, the exchange also faced problems with dollar withdrawals, due to the own difficulties of Signature Bank, its banking partner at the time.
