Binance.US solves USD withdrawal issues, but temporary solution.

Binance.US has announced that users can now resume withdrawing USD since the issue has been resolved. The US branch of the largest crypto agency in the world stated that by collaborating with banking partners, it has resolved almost all previously delayed USD withdrawal requests. However, the exchange cautions that this solution may not be permanent.

In an official announcement, Binance.US mentioned that its systems are functioning at full capacity and that users with failed requests can begin resubmitting. The exchange also ensured that all withdrawal requests would be successful within the standard maximum time frame of five business days. Nevertheless, Binance.US suggests that users quickly switch to stablecoins:

“While USD withdrawal remains fully operational on the platform today, we expect our banking partners to discontinue that service in the near future. While we continue to pursue new partners to re-establish USD deposits and withdrawals, we encourage users to use, withdraw, or convert their USD fiat balances to stablecoins to continue crypto-to-crypto trading on the platform.”

Binance Suspended USD Withdrawals after SEC Lawsuit

Earlier this month, Binance.US stopped accepting USD deposits, stating at the time that banking partners were also preparing to suspend withdrawals. This happened shortly after the United States Securities and Exchange Commission (SEC) sued Binance for violating securities laws, mixing investor funds, deceiving customers, and allowing “high-value US customers” to trade outside Binance.US. Binance’s US branch was created as an independent company to abide by US securities and trading regulations.

• Bitcoin’s price fluctuated but eventually settled above $30.1K as investors considered ETF possibilities and macroeconomic data.
• Algorand enhances network speed with protocol upgrade.
• BitMEX CEO proposes removal of internal market makers in crypto exchanges.

Binance.US has repeatedly stated that it plans to transform into a crypto-only exchange. The Binance announcement cautions that when its banking partners eventually suspend USD withdrawals, the exchange will automatically convert all USD balances to USDT.

According to Binance.US, users will only have access to USD support for a few assets, including BTC, BNB, ETH, LTC, ADA, SOL, MATIC, USDC, and VET. On the other hand, all 150+ assets on the exchange support trading with USDT.

Issues in Australia

Binance has experienced similar issues with fiat deposits and withdrawals. On June 1st, Binance Australia announced that support for the Australian Dollar (AUD) would no longer be available. To continue accessing services, all users would have to convert their AUD to USDT. Binance stated that it was “working hard to find an alternative provider” to continue normal services at the time.

In April, the Australian Securities and Investments Commission (ASIC) revoked Binance’s derivatives license through its local subsidiary, Oztures Trading Pty Ltd. Interestingly, the ASIC noted in a press release that Binance requested the revocation.

Earlier this year, the ASIC launched an investigation into Binance and its operations in Australia. According to the ASIC, the investigation was necessary because Binance wrongfully closed some derivatives accounts, causing several affected users to complain publicly. Binance acknowledged the mistake, confirming that the closures were based on the wrongful “classification of retail clients and wholesale clients”. Nevertheless, Binance CEO Changpeng Zhao assured all affected users of full compensation.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!