Binance.US Resolves USD Withdrawal Issues

The crypto exchange said it had worked with banking partners to restore U.S. dollar withdrawals on the platform, but warned that the service could be discontinued in the near future.

Binance.US, the U.S.-based subsidiary of crypto exchange Binance, had some positive news to share with customers on Thursday amid the sea of challenges brought on by the U.S. Securities and Exchange Commission’s (SEC) lawsuit.

The exchange announced that nearly all delayed USD withdrawal requests had been resolved as a result of conversations with banking partners, and most USD withdrawals should be completed within the normal timeframe of under five business days. 

“While USD withdrawal remains fully operational on the platform today, we expect our banking partners to discontinue that service in the near future,” warned Binance.US, encouraging users to withdraw or convert their USD balance to stablecoins to continue trading on the exchange. 

Binance.US plans to become a “crypto-only” exchange, meaning it will soon no longer facilitate most crypto-fiat trading pairs. In line with this plan, the exchange has been gradually removing USD trading pairs from its platform and plans to convert existing USD balances in customer accounts to USDT.

Reminder: As we transition to a crypto-only exchange, https://t.co/gM6e3xb9BX will remove select USD Advanced Trading pairs from our platform on 6/26 at 8 p.m. PDT / 11 p.m. EDT.

While USD withdrawals remain fully operational, we encourage you to use, withdraw, or convert your… pic.twitter.com/LWDWVvwtoq

— Binance.US Customer Support (@BinanceUShelp) June 22, 2023

After June 26, only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT will be tradable against USD.

“We encourage you to carefully review your trades and execute or cancel any open orders on impacted USD Advanced Trading pairs before they are removed from Binance.US,” said Binance.US.

Earlier this week, lawyers for Binance.US asked the court to order the SEC to refrain from making misleading statements about the exchange outside the courtroom. The lawyers referred to a press release from the SEC that claimed Binance and its CEO Changpeng Zhao were able to “commingle customer assets” and divert them offshore, despite acknowledging there was no evidence behind the allegations.