Binance.US, a well-known cryptocurrency exchange based in the United States, has successfully resolved the issue surrounding the withdrawal of US dollars. While customers can withdraw USD without any hindrance on the platform, the exchange has issued a cautionary note regarding potential future disruptions. This article investigates the latest developments, user guides, and proactive actions by Binance.US to ensure a seamless trading experience.
In a collaborative effort with its banking partners, Binance.US has fixed a USD withdrawal issue affecting its customers. However, the exchange warns that this resolution may be temporary, as it is possible that its banking partners may stop USD withdrawal services in the near future. Such a move could cause disruption in the ability to withdraw dollars.
The most recent update on June 22 confirmed the full operational status of the Binance.US system. The processing time for US dollar withdrawal requests is expected to return to the standard settlement period of five business days. This announcement reassures customers of the exchange’s commitment to providing seamless service.
Earlier, on June 9, Binance.US temporarily suspended dollar deposits and notified customers of an impending break in fiat withdrawal channels. This decision was due to the ongoing conflict with the Securities and Exchange Commission (SEC). The exchange also warned users about the preparations of its banking partners to stop fiat withdrawal channels on June 13, which eventually passed without a hitch.
Given the current situation, Binance.US advises customers who experience failed withdrawal attempts to resubmit their request, as the system is now functioning smoothly. Additionally, the exchange actively encourages users to explore alternative options, such as leveraging stablecoins, converting their USD, or withdrawing funds to facilitate ongoing crypto-to-crypto trading. These steps are in line with Binance.US’s strategic shift to become a crypto-only platform.
Binance.US provides information regarding the potential conversion of the remaining USD balance to Tether at a later date. Additionally, the announcement highlights the introduction of new trading pairs on June 26, featuring ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL.
However, it is important to note that the company plans to remove most of the “USD Continued Trading pairs” from the platform on the same date. Going forward, out of 150 supported cryptocurrencies, only 10 can be traded against the dollar. These include BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC and USDT.
Binance.US has faced similar challenges with its Australian banking partner. In May, the Australian branch witnessed a significant drop in the Bitcoin price, which led to a 20% discount. This happened because local partners suspended banking and payment services, triggering a rush to sell and cash out.
The successful resolution of the USD withdrawal issue by Binance.US brought relief to its customers, who are now able to withdraw funds without a hitch. However, the potential for future disruption remains a concern. By providing guidance, encouraging alternative options, and implementing strategic changes, Binance.US aims to ensure a seamless trading experience for its users. As exchanges adapt to evolving market dynamics, customers can confidently navigate the changing landscape.