After facing issues with banking partners, Binance.US found a way to reopen USD withdrawals.
The leading US cryptocurrency exchange, Binance.US, recently notified its user base that it had successfully tackled its issues concerning US dollar (USD) withdrawals.
The solution comes as a result of collaboration with its banking partners.
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In an update to its customers on June 22nd, Binance.US stated that its system is up and running and that the users can expect US dollar withdrawal requests to return to their customary processing time of five business days.
However, in the announcement, Binance.US warned its customer about reopened withdrawals being a temporary solution.
While USD withdrawal remains fully operational on the platform today, we expect our banking partners to discontinue that service in the near future.
Despite the fear of discontinuation, customers with failed withdrawal attempts are urged to resubmit their requests as the systems are fully functional.
As it moves towards becoming a crypto-only exchange, Binance.US advises its clients to "use, withdraw, or convert USD to a stablecoin to continue crypto-to-crypto trading." The crypto exchange also stated that the remaining USD balances in customer accounts could be converted into Tether (USDT).
Furthermore, Binance.US unveiled plans to introduce more USDT trading pairs with ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL. This is scheduled to take effect on June 26th.
However, it also plans to discontinue most of its “USD Advanced Trading pairs” from the platform on the same day. Only a handful of crypto assets - BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT - will remain tradable against the dollar.
It is worth noting that Binance.US halted USD withdrawals on June 9th, claiming that it is a necessary step to ensure the safety of its clientele and the integrity of its trading platform.
The actions taken by Binance.US underline the complex landscape of the crypto industry. Despite the momentary relief, the possibility of future service discontinuation reminds investors about the volatile nature of the market. The question remains, how will these changing dynamics shape the future of crypto trading, particularly with regard to the US dollar.
