BinanceUS announced on June 22, 2023 that it had resolved its USD withdrawal issues after working with its banking partners. However, the exchange warned that the relief might not last long.
“While USD withdrawal remains fully operational on the platform today, we expect our banking partners to discontinue that service in the near future,” Binance.US said.
The exchange did not specify why its banking partners were planning to discontinue USD withdrawal services, but it is likely due to the ongoing regulatory scrutiny of the cryptocurrency industry. The Securities and Exchange Commission (SEC) is currently investigating Binance.US for possible securities violations, and the exchange has also faced pressure from other regulators.
Binance.US's USD withdrawal problems began on June 9, 2023, when the exchange suspended dollar deposits and notified its clients of an incoming pause on fiat withdrawal channels. The exchange said at the time that the suspension was due to “regulatory compliance requirements.”
The suspension of USD withdrawals caused some consternation among Binance.US clients, who were unable to access their funds. However, the exchange has since restored USD withdrawal functionality and clients can now withdraw their funds as usual.
However, it is not clear how long this will last. If Binance.US's banking partners discontinue USD withdrawal services, the exchange will need to find new banking partners or find a way to process USD withdrawals without the use of banks. It is also possible that Binance.US will be forced to shut down entirely.
Only time will tell what the future holds for Binance.US. However, the recent USD withdrawal issues from the exchange are a sign of the challenges facing the cryptocurrency industry as it continues to grow.
source:
https://cointelegraph.com/news/binance-us-solves-usd-withdrawal-issues-warns-it-wont-last