BinanceUS Restores USD Withdrawals And Announces Major Changes

According to an official announcement on June 23, Binance.US announced that it has worked with its banking partners to resolve nearly all delayed USD withdrawal requests. The crypto exchange will complete most USD withdrawal requests within the normal timeframe of 5 business days or less. It also suggests users to resubmit failed withdrawal requests as systems are operating normally.

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“We are incredibly proud to uphold our commitment to you and look forward to serving you as a crypto-only exchange. To prepare for this transition, we wanted to share some important changes that you should know about.”

Also Read: Elon Musk-Mark Zuckerberg “Cage Fight”: Everything You Need To Know

Binance.US Expects Banking Partners May Terminate USD Withdrawals in the Future

Despite USD withdrawals working normally, Binance.US expects banking partners could terminate USD withdrawals or off-ramp services in the future. Meanwhile, the exchange looking for new bank partners for USD deposits and withdrawals.

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Binance.US recommends users use, withdraw, or convert their USD fiat balances to stablecoins. As the exchange transitions to a crypto-only exchange, the remaining USD balance in accounts may be converted to USDT at a future date.

However, USDT continues to depeg on Binance.US, falling to 0.96 against USD.

USDT Depegs on Binance.US
USDT Depegs on Binance.US

Also Read: Binance Hires Former DOJ Prosecutor for SEC Lawsuit Defense: Bloomberg

Removes USD Trading Pair For USDT Trading

Binance.US announces new USDT pairs for digital assets such as ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL. Users can start trading for these pairs from June 26 at 7 PM PDT / 10 PM EDT.

The crypto exchange will also remove most USD Advanced Trading pairs on June 26. BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will be the only digital assets available with USD pairs. The exchange has retains Cardano, Solana, and Polygon (MATIC) despite US SEC referring these as securities in lawsuits against Binance and Coinbase.

Meanwhile, Binance.US filed a motion against the SEC for contradictory statements around its alleged “commingling” of client assets. Binance and Binance.US also separate wallets and management teams.

Also Read: Terra Luna Classic Proposes L2 Team For Community-Owned Station Wallet

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