Binance.US, the renowned 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 delves into the recent developments, user guidance, and Binance.US’s proactive measures to ensure a smooth trading experience.
In a collaborative effort with its banking partners, Binance.US has rectified the USD withdrawal problem that affected its customers. However, the exchange warns that this resolution might be temporary, as there is a possibility of its banking partners discontinuing the USD withdrawal service in the near future. Such a move could lead to disruptions in dollar withdrawal capabilities.
A recent update on June 22 confirmed the fully operational status of Binance.US’s system. The processing time for US dollar withdrawal requests is expected to return to the standard five-business-day turnaround period. This announcement reassures customers of the exchange’s commitment to providing seamless services.
Earlier, on June 9, Binance.US temporarily suspended dollar deposits and alerted customers about an upcoming pause in fiat withdrawal channels. This decision was due to an ongoing conflict with the Securities and Exchange Commission (SEC). The exchange also warned users about its banking partners preparing to halt fiat withdrawal channels by June 13, which ultimately passed without any disruptions.
In light of the current situation, Binance.US advises customers who have encountered failed withdrawal attempts to resubmit their requests, as the system is now functioning smoothly. Furthermore, the exchange actively encourages users to explore alternative options, such as utilizing stablecoins, converting their USD, or withdrawing funds to facilitate continued crypto-to-crypto trading. These measures align with Binance.US’s strategic shift towards becoming a crypto-only platform.
Binance.US provides information regarding the potential conversion of remaining USD balances into 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 essential to note that the company plans to remove most “USD Advanced Trading pairs” from the platform on the same date. Going forward, out of the 150 supported cryptocurrencies, only 10 will be tradable against the dollar. These include BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT.
Binance.US has faced similar challenges with its banking partners in Australia. In May, the Australian branch witnessed a significant drop in Bitcoin prices, leading to a 20% discount. This occurred due to local partners suspending banking and payment services, which triggered a rush to sell and cash out.
Binance.US’s successful resolution of USD withdrawal issues brings relief to its customers, who can now withdraw funds without hindrance. However, the potential for future disruptions 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 the exchange adapts to evolving market dynamics, customers can confidently navigate the shifting landscape.
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