Binance.US Resolves USD Withdrawal Issue, But Warns of Potential Disruptions

Binance.US, the United States-based cryptocurrency exchange, has successfully resolved the issue concerning the withdrawal of US dollars.

The exchange collaborated closely with its banking partners to rectify the problem, providing users with the ability to withdraw USD without any hindrance. However, Binance.US has cautioned customers that this resolution may only be temporary.

In a recent update, the exchange assured users that its system is fully operational and the processing time for US dollar withdrawal requests is expected to return to the standard five-business-day turnaround period.

This comes after Binance.US temporarily suspended dollar deposits and warned customers about an upcoming pause in fiat withdrawal channels due to its conflict with the Securities and Exchange Commission (SEC).

While the withdrawal issue has been addressed, Binance.US anticipates that its banking partners might discontinue this service in the near future, leading to potential disruptions in dollar withdrawal capabilities.

Customers who encountered failed withdrawal attempts are advised to resubmit their requests as the system is now functioning smoothly.

To adapt to the changing landscape, Binance.US is proactively encouraging users to consider utilizing stablecoins, converting their USD, or withdrawing funds to facilitate continued crypto-to-crypto trading. This aligns with the exchange’s shift towards becoming a crypto-only platform.

In addition to resolving the withdrawal issue, Binance.US has provided information regarding the potential conversion of remaining USD balances into Tether at a later date.

The announcement also highlighted the introduction of new trading pairs and the removal of most “USD Advanced Trading pairs” from the platform.

Going forward, only 10 cryptocurrencies will be tradable against the dollar, including BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT.