Just in: BinanceUS Resumes USD Withdrawals with Significant Updates

BinanceUS Resumes USD Withdrawals

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Just in BinanceUS Resumes USD Withdrawals with Significant Updates

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June 23, 2023

Binance.US, the U.S.-based arm of the world’s leading cryptocurrency exchange Binance, has announced the successful resolution of USD withdrawal issues on its platform. In an official statement released today, Binance.US revealed that it has collaborated with its banking partners to address the delayed USD withdrawal requests that had been plaguing the exchange.

 As a result, most USD withdrawal requests will now be processed within the standard timeframe of five business days or less.

Despite this positive development, Binance.US has expressed concerns that its banking partners may terminate USD withdrawal services in the future. As a precautionary measure, the exchange is urging its users to consider converting their USD fiat balances to stablecoins. 

By transitioning to a crypto-only exchange, Binance.US aims to mitigate potential disruptions caused by the termination of banking services. Users are advised to take note of this possibility and take appropriate actions to safeguard their funds.

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Binance.US Resumes Announced Following Significant Updates

1.Exchange has resolved delayed USD withdrawal requests

2.Users are urged to convert USD fiat balances to stablecoins

3.New USDT pairs for several digital assets have been introduced

4.Most USD Advanced Trading pairs will be removed on June 26

5.Binance.US is committed to providing a seamless trading experience

In light of these updates, Binance.US has made adjustments to its trading pairs. The exchange has introduced new USDT pairs for several digital assets, including ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL. Trading for these pairs will commence on June 26 at 7 PM PDT / 10 PM EDT, providing users with expanded trading options.

However, it is important to highlight that the stablecoin USDT has experienced a recent depegging from the USD on Binance.US. Currently, USDT is trading at 0.96 against the USD on the platform. Users should keep this in mind when considering stablecoin conversions or trading activities.

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Binance.US Will Remove USD Trading pairs

Binance.US has decided to remove most USD Advanced Trading pairs, effective June 26. Moving forward, BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will be the only digital assets available with USD pairs for trading. Interestingly, the exchange has chosen to retain Cardano, Solana, and Polygon (MATIC), despite the recent lawsuits by the U.S. Securities and Exchange Commission (SEC) targeting Binance and Coinbase and classifying these assets as securities.

Binance.US is committed to providing its users with a seamless trading experience while adapting to the evolving regulatory landscape. The platform continues to explore partnerships with new banking institutions to facilitate USD deposits and withdrawals, ensuring ongoing support for its growing user base.

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FAQ

Cryptocurrency is a digital or virtual form of currency that uses cryptography for security and operates independently of a central bank. It is designed to be secure, transparent, and decentralized. Unlike traditional fiat currencies (such as the US dollar or the Euro), which are issued and regulated by a central authority, cryptocurrencies rely on cryptographic techniques to secure transactions and control the creation of new units.

Binance.US is the U.S.-based arm of Binance, one of the world’s largest and most popular cryptocurrency exchanges. Binance.US specifically caters to users within the United States and operates under a separate entity and regulatory framework from its parent company, Binance. It provides a platform for users to trade a wide range of cryptocurrencies, including Bitcoin, Ethereum, and various altcoins. Binance.US aims to offer a secure and reliable trading environment for U.S. residents, complying with relevant U.S. regulations and partnering with U.S.-based banking institutions to facilitate deposits and withdrawals in USD.ls.

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Conclusion

Binance.US has announced the successful resolution of USD withdrawal issues on its platform, collaborating with banking partners to address delayed withdrawal requests. Most USD withdrawals will now be processed within the standard timeframe of 5 business days or less. However, Binance.US expresses concerns that its banking partners may terminate USD withdrawal services in the future and urges users to consider converting their USD balances to stablecoins as a precautionary measure. 

The exchange has introduced new USDT trading pairs for various digital assets and adjusted its trading pairs, including removing most USD Advanced Trading pairs. Binance.US is actively exploring partnerships with new banking institutions to support USD deposits and withdrawals and aims to provide a seamless trading experience while adapting to regulatory changes.

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