Binance.US resolves delayed USD withdrawals; expects banking partners to halt option again

2023-6-23 01:57

Binance.US said in an email sent to customers on June 22 that it resolved nearly all delayed U.S. dollar withdrawals.

Warning of further limitations

Binance.US said it worked with its banking partners to re-enable USD withdrawals but also suggested the option will soon be removed again. The company wrote:

“While USD withdrawal remains fully operational on the platform today, we expect our banking partners to discontinue that service in the near future.”

Though it is seeking out new banking partners, Binance.US suggested that users should convert USD to stablecoins. It also warned users that it could automatically convert their USD balance to the Tether (USDT) stablecoin at a later date.

Binance.US said it expects most U.S. dollar withdrawal requests to be completed in five business days or less as usual. It instructed users who previously submitted failed withdrawal requests to submit those requests once again.

The company also noted that it would remove most USD advanced trading pairs while offering new USDT advanced trading pairs.

USD availability affected by SEC case

Binance.US and related companies were sued by the U.S. Securities and Exchange Commission on June 5. The SEC then asked the court to freeze company funds.

Though the SEC and Binance eventually reached an agreement regarding that issue, Binance.US saw its banking partners deny services before that agreement. Binance.US responded by announcing that its banking partners intend to halt all USD payment channels by June 13.

Though Binance.US is once again handling USD withdrawals for a short time, the platform’s status page suggests that USD deposits remain paused.

The post Binance.US resolves delayed USD withdrawals; expects banking partners to halt option again appeared first on CryptoSlate.

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