Binance.US, the U.S.-based arm of the world’s largest crypto exchange Binance, on Friday, announced that it has successfully worked with banking partners to resolve all USD withdrawal issues on the crypto exchange. However, it warns banking partners may terminate the service in the near future and recommends converting USD fiat balances to stablecoins.
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 resubmit failed withdrawal requests as systems are operating normally.
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.
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.
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 retained Cardano, Solana, and Polygon (MATIC) despite US SEC referring to 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.