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Binance U.S Announces Successful Restoration of USD Withdrawals

  • The crypto exchange advised changing USD fiat funds to stablecoins.

  • The withdrawal request will be processed within a standard 5 business day period.

Binance US, the American branch of the world’s biggest crypto exchange, stated on Friday that it has worked with banking partners to fix the exchange’s USD withdrawal problems.

It advises changing USD fiat funds to stablecoins cautioning that financial partners may cease the service soon. On June 23rd, Binance.US made a formal declaration that it has successfully resolved virtually all delayed USD withdrawal requests. This was possible by working with its banking partners.

Most requests to withdraw USD from the cryptocurrency exchange will be processed within the standard 5 business day period. Users are encouraged to resubmit their canceled withdrawal requests as the system is functioning correctly.

Seeking New Bank Partner

Binance.US anticipates that USD withdrawals and off-ramp services may be discontinued in the future by banking partners despite the fact that they now function smoothly. Also, the exchange is actively seeking additional USD deposit/withdrawal bank partners.

The remaining USD balance in accounts may be changed to USDT at a later date when the exchange makes the switch to a crypto-only exchange. Binance US has also introduced new USDT pairings for several cryptocurrencies. These include ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL. Trading for these pairings will begin on June 26.

The majority of USD Advanced Trading pairings will also be discontinued by the cryptocurrency exchange on June 26. Despite the US SEC refers to Cardano, Solano, and Polygon (MATIC) as securities in cases against Binance and Coinbase, the exchange has kept these tokens.

On the other hand, a notable former Department of Justice prosecutor has been engaged by Binance to defend the company in the SEC’s complaint, the company said in a court filing on Thursday.

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