Binance.US, the US-based cryptocurrency exchange, has announced that it has fixed its issues with USD withdrawals after collaborating with its banking partners. The platform reported that it is fully operational and expects normal five-business-day turnaround times for USD withdrawal requests. However, it warned customers that this relief may not be permanent as they expect their banking partners to discontinue USD withdrawal services in the near future.
The exchange is encouraging users to convert their remaining USD balances into Tether (USDT) at a future date and transition to a crypto-only exchange. They are also removing most “USD Advanced Trading pairs” from the platform on June 26, leaving only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT tradable against the dollar. The company had similar problems with banking partners in Australia, where Bitcoin prices dropped by 20% when local banking and payments partners suspended their services.
Overall, the article highlights Binance.US’s continuous battle with regulatory authorities and banking partnerships over the past few months. The exchange has faced several challenges in various countries, including the US, China, and Australia. It also emphasizes the importance of transitioning to a crypto-only exchange in the current landscape.