Binance.US has informed its customers that it has successfully addressed the U.S. dollar withdrawal problems by collaborating with its banking partners. However, the exchange has cautioned that this resolution might be temporary. In a recent update on June 22, the independent subsidiary of Binance stated that its system is currently functioning smoothly, and U.S. dollar withdrawal requests are anticipated to return to their usual processing time of five business days.
The exchange had previously halted dollar deposits on June 9 and had notified its customers about an impending pause in fiat withdrawal channels due to its ongoing legal dispute with the Securities and Exchange Commission.
Previously, Binance.US had cautioned its customers that its banking partners might suspend fiat withdrawal channels starting from June 13. However, as of now, that anticipated suspension has not yet occurred. In its latest statement, Binance.US has advised customers who faced unsuccessful withdrawal attempts to resubmit their requests, assuring them that their systems are fully functional. Nonetheless, the exchange has reiterated that this relief may not be long-lasting and could be temporary in nature.
Binance.US Extends Support Services to Aid Customers
As Binance.US undergoes a transition towards becoming a crypto-only exchange, it is urging its users to consider utilizing, withdrawing, or converting their USD to stablecoins. By doing so, users can sustain their crypto-to-crypto trading activities on the platform. The emphasis is on adapting to the evolving nature of the exchange, which is shifting its focus away from traditional fiat currencies and towards cryptocurrency-based transactions.
The exchange has indicated that any remaining USD balances in customer accounts may be converted to Tether (USDT) at a later point. This conversion is expected to take place at an exchange rate of $1.00 per USDT. Additionally, the announcement disclosed upcoming additions to the trading pairs involving USDT. On June 26, the exchange plans to introduce ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL as new trading pairs with USDT.
On the mentioned date, Binance.US plans to eliminate the majority of its “USD Advanced Trading pairs” from the platform. Among the 150 supported cryptocurrencies, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will remain available for trading against the dollar.
The company has faced similar banking partner issues in Australia as well. In May, the Australian branch of Binance experienced a situation where local banking and payment partners suspended their services. This led to a significant drop in Bitcoin prices, reaching a discount of 20% on the platform. Consequently, users rushed to sell their holdings and cash out during that period.