Binance.US, a cryptocurrency exchange, has announced that it has resolved almost all delayed U.S. dollar withdrawals. The company has also warned customers that USD withdrawals may soon be removed due to its banking partners discontinuing the service.
Resolution
Binance.US has been working with its banking partners to restore USD withdrawals but has suggested that this option may not be available for much longer. The company has recommended that its users convert their USD to stablecoins. If users do not do this, Binance.US has warned that it may automatically convert their USD balance to the Tether (USDT) stablecoin.
Binance.US has stated that it anticipates most USD withdrawal requests to be completed in five business days or less. It has also directed users who previously submitted failed withdrawal requests to submit them again. The company has removed most USD trading pairs but has introduced new USDT trading pairs.
Lawsuit
Binance.US and affiliated companies were sued by the U.S. Securities and Exchange Commission (SEC) on June 5. The SEC requested that the court freeze company funds. Although the SEC and Binance eventually reached an agreement, Binance.US’s banking partners denied services before this agreement was made. As a result, Binance.US announced that its banking partners intended to halt all USD payment channels by June 13.
Advice for Users
Binance.US has advised its users to convert their USD to stablecoins due to the possibility that USD withdrawals may soon be removed. The company is seeking new banking partners to restore USD withdrawals but warns that this may not happen.
Binance.US has resolved most of the delayed USD withdrawals and has instructed users who previously submitted failed withdrawal requests to submit them again. The company has also recommended that its users convert their USD to stablecoins due to the possibility that USD withdrawals may soon be removed. Binance.US is seeking new banking partners to restore USD withdrawals but warns that this may not happen.