The American arm of the cryptocurrency exchange Binance announced a resolution to the problems surrounding USD withdrawals. The company warned that the situation could change in the near future.
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
“While withdrawals in US dollars remain possible, we recommend that you use, withdraw, or convert fiat into stablecoins to continue trading cryptocurrencies. We expect that our banking partners will stop processing withdrawal orders in the near future,” — the message to customers said.
On June 9, Binance.US announced a suspension of USD-denominated deposits and urged customers to withdraw their fiat funds by June 13.
At that time, the company warned that banks were ready to suspend processing USD withdrawal orders. To date, those fears have not materialized.
On June 22, the platform also announced the delisting of cryptocurrencies paired with the US dollar. The exceptions will be BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC and USDT.
Earlier on June 5, SEC filed suit against Binance and its CEO Changpeng Zhao. The agency brought 13 charges, including selling unregistered securities.
On June 6, the Commission filed a motion to freeze the digital assets of Binance.US. On June 14, the court ordered the regulator and the US cryptocurrency exchange to reach a compromise to ensure the protection of client assets with a view to allowing the platform to continue operating.
On June 17, the parties reached an agreement on client assets in the United States. It was approved by the court.
Under the agreements, Binance.US will share detailed information about its operating costs. Staff at Binance’s international arm will lose access to wallet private keys and other tools of the US subsidiary.