- Binance.US successfully restores all USD withdrawals and readies for possible termination of the service by banking partners in the near future.
- The platform anticipates transitioning to a crypto-only exchange, suggesting users convert USD fiat balances to stablecoins, as USDT’s value continues to decline on the platform.
Binance.US, the American counterpart of global crypto behemoth Binance, has reported resolving the issues impeding USD withdrawals on the crypto exchange in collaboration with its banking partners. Despite the success, Binance.US forewarns that the banking associates may discontinue the service in the not-too-distant future and advises users to switch their USD fiat balances to stablecoins.
As detailed in the company’s public statement on June 23, Binance.US has nearly addressed all lingering USD withdrawal concerns with its banking partners’ assistance. The crypto exchange plans to fulfill the majority of USD withdrawal demands within the usual processing time of five business days or less. As operations have returned to normalcy, it encourages users to revisit failed withdrawal attempts.
Even with USD withdrawals currently functioning as expected, Binance.US anticipates that banking associates might cease these services or off-ramp operations in the upcoming days. Amidst this potential disruption, the exchange is seeking new banking collaborations to maintain the USD deposit and withdrawal functions.
In line with these shifts, Binance.US has counseled its users to utilize, withdraw, or convert their USD fiat balances into stablecoins. As the exchange navigates its transformation to a crypto-only platform, remaining USD balances in user accounts may be converted to the stablecoin USDT at a future date.
However, as the platform embarks on this major transition, the value of USDT appears to be in a downturn, slipping to 0.96 against the USD on Binance.US.
Additionally, the crypto exchange has revealed new USDT pairs for digital assets including ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL. Trading for these pairs commences from June 26, 7 PM PDT / 10 PM EDT.
The platform also intends to remove the majority of USD Advanced Trading pairs on June 26. Only a handful of digital assets like BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will remain available with USD pairs.
Binance.US continues its legal battle with the SEC, lodging a motion against the commission’s contradictory assertions around the alleged “commingling” of client assets. It further distinguishes its operations from Binance by maintaining separate wallets and management teams.
