US crypto exchange Binance.US has informed customers that it has resolved US dollar withdrawal issues after working with its bank partners but warned that the relief may not last.
The reportedly independent subsidiary of crypto exchange Binance told customers in a June 22 update that its system remains fully operational and that USD withdrawal requests are expected to return to their normal levels. five business day turnaround.
On June 9, the exchange suspended dollar deposits and notified its customers of the upcoming shutdown of fiat withdrawal channels amid its ongoing battle with the Securities and Exchange Commission.
At that time, it also warned customers that its banking partners were preparing to stop fiat (USD) withdrawal channels as early as June 13, however, this has not ended.
In its latest statement, Binance.US encouraged any customers who failed in withdrawal attempts to resubmit their requests “while our systems remain fully operational,” but warned that the relief may not be permanent.
“While the USD withdrawal remains fully functional on the platform today, we expect our bank partners to stop the service in the near future.”
Binance.US also encourages its users to “use, withdraw, or convert your USD to a stablecoin to continue crypto-to-crypto trading,” as it transitions to a crypto-only exchange .
Note: As we transition to a crypto-only exchange, https://t.co/gM6e3xb9BX will remove select USD Advanced Trading pairs from our platform on 6/26 at 8 pm PDT / 11 pm EDT.
While USD withdrawals remain fully functional, we encourage you to use, withdraw, or convert your… pic.twitter.com/LWDWVvwtoq
— Binance.US Customer Support (@BinanceUShelp) June 22, 2023
Any remaining USD balances held in customer accounts can be converted to Tether (USDT) at a future date, it said.
The announcement also includes details of additional USDT trading pairs with ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL added on June 26.
Related: Binance.US coin trade at premium amid litigation fears, fiat gateway issues
However, it noted that it will remove most of the “USD Advanced Trading pairs” from the platform on the same date. Of the 150 crypto assets supported by Binance.US, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT can be traded against the dollar.
The company also had problems with its Australian banking partners. In May, Bitcoin prices fell to a 20% discount on Binance’s Australian branch when local banking and payment partners suspended their services causing a rush to sell and cash out.
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