In an email sent to customers on June 22, Binance.US said that nearly all delays in USD withdrawals have been resolved.
Further restrictions warning
Binance.US said it was working with partner banks to re-enable US dollar withdrawals, but also suggested that the option would be removed again soon. The company wrote:
“USD withdrawals are still fully functional on the platform, but we expect our banking partners to discontinue that service in the near future.”
Binance.US is looking for new banking partners, but suggested users should exchange their USD for stablecoins. It also warned users that their US dollar balances could be automatically converted to the Tether (USDT) stablecoin at a later date.
Binance.US said it expects most USD withdrawal requests to be completed within five business days as usual. You instructed users who previously submitted unsuccessful withdrawal requests to submit those requests again.
The company also said it will offer a new USDT advanced trading pair while removing most of its USD advanced trading pairs.
US Dollar Availability Affected by SEC Litigation
Binance.US and its affiliates were sued by the U.S. Securities and Exchange Commission on June 5, with the SEC asking the court to freeze the company’s funds.
The SEC and Binance eventually reached an agreement on the matter, but Binance.US saw its banking partners deny service before that agreement. Binance.US responded by announcing that its partner banks intend to shut down all US dollar payment channels by June 13th.
Binance.US has again been processing USD withdrawals for a short period of time, but the platform’s status page It suggests that US dollar deposits remain suspended.
Binance.US article resolves USD withdrawal delays. Expect Banking Partners to Stop Option Again First appeared on CryptoSlate.