Binance.US, the American arm of leading cryptocurrency exchange Binance, announced it has resolved its U.S. dollar withdrawal issues after working with its banking partners. However, the exchange warned that the service may be discontinued soon.
“While USD withdrawal remains fully operational on the platform today, we expect our banking partners to discontinue that service in the near future,” Binance.US stated in a notice to customers.
Binance.US Urges Users to Repeat Failed USD Withdrawal Attempt
In a blog post on June 22, Binance.US encouraged users who have had a failed withdrawal attempt to repeat the process since its system remained fully operational. The U.S.-based cryptocurrency exchange added that it expects most USD withdrawal requests to be successfully executed within the normal timeframe of five business days or less.
Despite seeking new banking partners, Binance.US said it encourages users to use, withdraw, or convert their USD fiat balances to stablecoins. It also warned that any remaining USD balance in users’ accounts may be automatically converted to USDT at a future date.
The company also stated that it would remove most USD advanced trading pairs on its platform on June 26 while offering new USDT advanced trading pairs for digital assets, including ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL.
Binance and SEC Legal Dispute
Binance.US previously suspended USD deposits on June 9 and informed customers that its banking partners are preparing to pause fiat (USD) withdrawal channels on June 13. The action was taken shortly after the United States Securities and Exchange Commission (SEC) requested that a U.S. federal court freeze assets of the exchange as part of a legal dispute between Binance entities and the securities regulator.
On June 5, the SEC filed 13 charges against Binance.US, Binance Holdings Ltd., and its founder, Changpeng Zhao (C.Z.), alleging that they violated U.S. securities laws and overextended their access to customer funds.
Binance.US said in a statement that “our business partners have not been spared in the use of [SEC’s] tactics, which has created challenges for the banks with whom we work.”
