Crypto exchange Binance.US addressed all delayed USD withdrawal requests after collaborating with its banking partners although it warns that this will not persist for long, according to the announcement blog.
While USD withdrawal remains fully operational on the platform today, we expect our banking partners to discontinue that service in the near future… we expect most USD withdrawal requests to be successfully completed within the normal timeframe of 5 business days or less.
Amidst regulatory woes, the U.S. arm of the world’s largest crypto exchange felt the heat as banks prepared to pause fiat [USD] withdrawal channels, a few weeks ago.
The exchange stopped accepting dollar deposits and notified its users that fiat withdrawal channels will soon be halted, maybe as early as June 13. However, this has not yet happened.
Attorneys for Binance.US, and Binance CEO Changpeng “CZ” Zhao recently retaliated against the US Securities and Exchange Commission for allegedly making false representations about an ongoing securities litigation.
The attorneys argued in a motion submitted to the US District Court for the District of Columbia that the SEC’s public statements regarding the matter had given the public a false impression of the exchange.
The motion cited a news release from the US Securities and Exchange Commission [SEC], which included certain comments that were “unsupported by evidence” and “inconsistent with the rules of professional conduct.”
Binance.US Accused SEC Of Being Unprofessional
In addition, the legal team contended that the SEC’s claims in the press release are unsupported and do not follow recognized norms of professional conduct.
As Binance.US switches to a crypto-only exchange, it also advises customers to “use, withdraw, or convert your USD to a stablecoin to continue crypto-to-crypto trading.”
“.. part of our shift to crypto-only trading, we will remove most USD Advanced Trading pairs from our platform on June 26, 2023, at 8 p.m. PDT / 11 p.m. EDT. Thereafter, USD Advanced Trading pairs will only be available for the following digital assets: BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT.”
It said that any remaining USD balances in customers’ accounts might be changed into Tether USDT at a later time.