Binance US has announced the resumption of USD withdrawals, but it anticipates that its banking partners may cease this service soon.
Binance US, the US-based arm of the popular Bitcoin exchange Binance, has made a new statement regarding USD withdrawals. The exchange, which is currently facing a lawsuit from the SEC, had earlier informed its users about the suspension of USD deposits and the intention to halt USD payments through its banking partners.
Binance US had reported that their banking partners were preparing to close USD withdrawal channels on June 13, 2023. However, the expected halt of USD withdrawals has not yet taken place.
Binance has provided an update on the delayed USD withdrawal requests, stating that:
They are actively collaborating with their banking partners to address the issue. They have made progress in resolving most of the delayed requests and assure users that their systems are fully operational.
Users are advised to submit their withdrawal requests again if previous attempts were unsuccessful. Binance expects that the majority of USD withdrawal requests will be completed within the standard timeframe of 5 business days or less.
Binance US has informed users that USD withdrawals have returned to normal functionality. However, they have cautioned that this restoration may not be permanent as they anticipate their banking partners to discontinue the service in the near future. To adapt to this situation, Binance US suggests users utilize their USD fiat balances by withdrawing or converting them into stablecoins, enabling them to continue trading cryptocurrencies on the platform. They further mention that any remaining USD balance can be converted to USDT (Tether) at a later date.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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