Binance.US Resolves Late Withdrawal Cases, Issues New Warnings To Users

Key Points:

• Binance.US has fixed USD withdrawal issues, but it may stop again soon.
• The remaining USD balances may be converted to USDT in the future.
• Most USD trading pairs will be delisted, and new USDT trading pairs will be introduced on June 26 amidst the SEC lawsuit against Binance.US.

On June 22, Binance.US informed clients that it had fixed virtually all US currency withdrawal difficulties.

In a June 22 update, the allegedly autonomous subsidiary of crypto exchange Binance informed users that its system is still fully operating and that USD withdrawal requests should be processed within five business days.

It has resumed withdrawals in US dollars in collaboration with its banking partners but has intimated that the option would be revoked again shortly. Binance.US has advised any clients who have had a failed withdrawal attempt to repeat their requests since its systems remain fully working but have warned that the respite may not last.

“While USD withdrawal remains fully operational on the platform today, we expect our banking partners to discontinue that service in the near future.”

Despite the fact that Binance.US is seeking a new banking partner, consumers are still recommended to convert USD to stablecoins. It also warned customers that their USD balances might be changed to USDT automatically at a later date.

It said that any residual USD balances in client accounts might be converted into Tether at a later date.

The release also provided information about new USDT trading pairs, including ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL, which will be available on June 26.

The firm said that it anticipates most USD withdrawal requests to be fulfilled within five business days and advised consumers who have previously failed to withdraw to file a new withdrawal request. Moreover, Binance.US will delist the majority of USD advanced trading pairs while introducing a new USDT advanced trading pair.

On June 5, the US Securities and Exchange Commission sued Binance.US and connected firms. The SEC subsequently requested that the company’s money be frozen by the court.

In the midst of its protracted dispute with the SEC, the exchange banned dollar deposits and alerted clients of an impending halt to fiat withdrawal routes on June 9.

Despite the SEC and Binance finally striking a deal, Binance.US had its financial partners refuse services prior to that accord. Binance.US replied by declaring that its banking partners plan to shut down all USD payment channels by June 13.

Earlier, lawyers for Binance.US, Binance Holdings Limited, and Binance CEO Changpeng Zhao filed a request alleging that the SEC misled the public in comments made regarding an ongoing securities action. take place.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News