Binance.US has successfully resolved the problem regarding the withdrawal of US dollars. The exchange worked closely with its banking partners to rectify the issue, allowing users to withdraw USD without any hindrance at present.
However, Binance.US has cautioned customers that this resolution may only be temporary, as its banking partners may discontinue the service in the near future, potentially leading to disruptions in dollar withdrawal capabilities.
In an update on June 22, Binance.US assured customers that its system is fully operational and that the processing time for USD withdrawal requests is expected to return to the standard five-business-day turnaround period.
Previously, the exchange temporarily suspended dollar deposits and warned users of an upcoming pause in fiat withdrawal channels due to its ongoing conflict with the Securities and Exchange Commission (SEC).
Despite earlier indications that fiat withdrawal channels would be halted by June 13, no disruptions occurred.
To address failed withdrawal attempts during the issue, Binance.US advises affected customers to resubmit their requests now that the system is functioning smoothly.
The exchange is also actively encouraging users to consider stablecoins, converting their USD, or withdrawing funds to facilitate continued crypto-to-crypto trading, as it transitions towards becoming a crypto-only platform.
Binance.US has provided further updates, including the potential conversion of remaining USD balances into Tether at a later date.
The exchange also announced the introduction of new trading pairs involving various cryptocurrencies on June 26, while removing most “USD Advanced Trading pairs” from the platform.
Going forward, only ten cryptocurrencies will be available for trading against the dollar, out of the 150 supported cryptocurrencies on the exchange.