In the heat of the ongoing case with the United States Securities and Exchange Commission (SEC), Binance US had announced to halt its USD withdrawals and deposits. However, as of today, USD withdrawals remain fully operational.
According to the notice posted by Binance US, it informed its customers that while USD withdrawal remains fully operational on the platform today, “we expect our banking partners to discontinue that service in the near future.” The crypto exchange added that it has resolved its U.S. dollar withdrawal issues after working with its banking partners but warns the relief may not last.
On Thursday, crypto exchange Binance US told customers that its system remains fully operational and that U.S. dollar withdrawal requests are expected to go back to their normal five-business-day turnaround. On June 9, Binance US suspended USD deposits and notified its customers of an incoming pause to fiat withdrawal channels amid its ongoing battle with the Securities and Exchange Commission (SEC).
At the time, it also warned customers that its banking partners were preparing to pause fiat withdrawal channels as early as June 13; however, that didn’t end up coming to pass as yet. In its most recent statement, Binance.US has encouraged any customers that have a failed withdrawal attempt to resubmit their requests “as our systems remain fully operational,” but also warned that the relief may not be permanent.
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 is also encouraging its users “use, withdraw, or convert your USD to a stablecoin to continue crypto-to-crypto trading,” as it transitions to a crypto-only exchange. It added that any remaining USD balances held in customer accounts could be converted into Tether (USDT) at a future date. The announcement also included details of more USDT trading pairs with ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ and ZIL being added on June 26.
However, it highlighted that it would remove most “USD advanced trading pairs” from the platform on the same date. Reportedly, out of the 150 crypto assets that Binance.US supports, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC and USDT will be tradable against the dollar.
Ever since the SEC’s lawsuits against Binance, the exchange has been having troubles at various locations across the globe. On June 5th, the SEC filed 13 charges against Binance US for commingling users’ funds and operating without a license and failure to following anti money-laundering rules.
A day after that SEC filed an emergency motion to freeze the assets of Binance US. While the motion didn’t pass through, the exchange delisted several trading pairs and halted USD services. Simultaneously, Binance is also facing investigations in France, Brazil and Netherlands. The coming days are going to be very heavy for Binance as the lawsuit further unveils.