In a recent update on June 22, Binance.US, which operates as an independent subsidiary of the larger Binance exchange, assured its customers that its system is fully operational again.
However, the exchange has cautioned its customers that this relief may only be temporary.
It stated that U.S. dollar withdrawal requests are expected to return to their normal processing time of five business days.
Earlier on June 9, the exchange had temporarily suspended dollar deposits and notified its customers about an impending pause on fiat withdrawal channels due to an ongoing battle with the Securities and Exchange Commission (SEC).
The exchange had warned that its banking partners might halt fiat withdrawal channels as early as June 13, but that did not happen at that time.
Binance.US has urged customers who faced failed withdrawal attempts to resubmit their requests, emphasizing that their systems are currently functioning properly.
However, the exchange has cautioned that their banking partners are likely to discontinue the USD withdrawal service in the near future.
As a result, Binance.US is advising its users to consider utilizing stablecoins or converting their USD holdings into stablecoins to continue engaging in crypto-to-crypto trading.
The exchange is gradually transitioning to becoming a crypto-only platform. Any remaining USD balances held by customers may be converted into Tether at a later date, according to the announcement.
Furthermore, Binance.US revealed plans to introduce additional trading pairs involving Tether (USDT) and cryptocurrencies such as ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL on June 26.
However, the exchange will remove most of the “USD Advanced Trading pairs” from its platform on the same date.
Among the 150 supported crypto assets on Binance.US, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will be tradable against the dollar.
It’s worth noting that Binance.US has also experienced banking partner issues in Australia.
In May, the Australian branch of Binance witnessed a 20% drop in Bitcoin prices when local banking and payment partners suspended their services, leading to a rush of users selling and cashing out.
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