The platform’s team warned that the decision may be temporary

​Binance.US temporarily resumes withdrawals in US dollars

23.06.2023 - 07:20


4 min

What’s new? On June 22, representatives of the US arm of crypto exchange Binance announced to customers that they had solved the problem with the withdrawal of funds in US dollars after negotiations with their banking partners. However, the platform’s team warned that the decision may be temporary. On June 9, Binance.US suspended USD deposits and notified customers that its banking partners would close fiat withdrawals on June 13. This came after a lawsuit was filed by the US Securities and Exchange Commission (SEC) against the US unit, the global exchange, and the companies’ co-founder Changpeng Zhao.

Information on the Binance.US website

What else did the exchange team report? Banking partners are expected to cease providing USD withdrawal services in the near future and Binance.US continues to seek new counterparties to restore deposits and withdrawals in dollars. The company’s representatives urged customers to use, withdraw or convert their fiat balances into stablecoins to continue trading cryptocurrencies on the platform. They warned that any USD balances in customer accounts could be converted to USDT stablecoins in the future.

The exchange’s team also reported that on June 26, the ability to trade USDT in pairs with ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL tokens will be added. In this, the company will remove most of the advanced trading pairs with USD from the platform on the same day. They will only be available for the following digital assets: BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT. Binance.US advised customers to carefully analyze their trades and execute or cancel all open orders on advanced pairs before they will be removed from Binance.US.

That said, some of the aforementioned assets are classified as securities in the SEC’s lawsuit, among the 13 charges against Binance their unregistered sale is listed. Crypto platform Bakkt, as well as brokers eToro and Robinhood, announced that they delist some of these assets due to uncertainty about their regulation. At the same time, Coinbase, which is facing similar charges from the SEC, declined to delist the assets named in the lawsuit against it.

Earlier, in the lawsuit against Binance, the SEC also requested that all assets of Binance.US be frozen to prevent their transfer offshore. The parties later reached a tentative agreement that the assets would not be frozen, but that employees of the global platform would not be able to exercise control over them.

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On June 21, Binance, Binance.US, and Zhao filed a countersuit against the SEC over unsubstantiated allegations of commingling and misuse of Binance.US customer assets.

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