Binance Solves US Arm’s Withdrawal Issues, but There’s a Catch
- Binance.US has confirmed that USD withdrawals will “remain fully operational” on the crypto exchange.
- The situation has not been fixed permanently, and the exchange asked customers to withdraw ASAP.
- “We expect our banking partners to discontinue USD withdrawals in the near future,” said the firm.
- Binance.US and the US SEC recently negotiated a deal to protect the exchange’s clients.
The United States arm of the world’s largest crypto exchange, Binance, has officially solved the issues related to the withdrawal of US dollars. The exchange told its customers that the issues have been resolved after the firm worked with its banking partners to resolve the hindrances that caused the withdrawal pause in the first place.
As per the official post on social media platform Twitter, Binance.US has confirmed that the withdrawals will “remain fully operational” and added that the situation has not been permanently fixed.
“We encourage you to use, withdraw, or convert your USD to a stablecoin to continue crypto-to-crypto trading, as we expect our banking partners to discontinue USD withdrawals in the near future,” said the crypto exchange.
It is crucial to note that the United States Securities and Exchange Commission (SEC) filed a lawsuit against the parent crypto exchange Binance, its CEO Changpeng Zhao, also known as CZ in the crypto space, and the firm’s US entity.
Moreover, the regulator and Binance.US were asked to negotiate a deal by US District Judge Amy Jackson in front of a magistrate judge in order to protect the assets belonging to the customers of the leading crypto exchange. The deal between the two firms was officially finalized a few days earlier.
Binance also noted that the assets of its users remain protected and secure at all times. While the withdrawal situation may change in the coming days, the regulatory situation in the US might not favor the exchange’s operations.
“To enhance your trading experience, we will be expanding our USDT Advanced Trading pair offerings on 6/26 at 7 p.m. PDT / 10 p.m. EDT to include USDT pairs for the following digital assets: ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL,” read the announcement.
The investigations into the exchange by US authorities have led to the director of Binance Brazil, Guilherme Haddad, being summoned in front of the Congress by Deputy Alfredo Gaspar, a member of the Brazilian Chamber of Deputies.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
