The US division of the Binance crypto exchange has announced a solution to the problems associated with the withdrawal of funds in US dollars. 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 pm PDT / 11 pm 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 USD withdrawals remain possible, we encourage you to use, withdraw or convert fiat to stablecoins in order to continue trading cryptocurrencies. We expect our banking partners to stop processing withdrawal orders in the near future.” — stated in the message to customers.
On June 9, Binance.US announced the suspension of USD deposits and recommended that customers withdraw fiat funds by June 13.
Then the company warned that banks were ready to suspend the processing of USD withdrawal orders. To date, these fears have not materialized.
On June 22, the platform also announced the delisting of cryptocurrencies against the US dollar. The exception will be BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC and USDT.
Remember June 5th SEC sued Binance and its CEO Changpeng Zhao. The agency filed 13 charges, including the sale of unregistered securities.
On June 6, the Commission filed a petition to freeze digital assets of Binance.US. On June 14, the court ordered the regulator and the American crypto exchange to find a compromise to ensure the protection of client assets with the possibility of continuing the operation of the platform.
On June 17, the parties entered into an agreement on client assets in the United States. The court approved it.
As part of the arrangements, Binance.US will share details of its business expenses. Employees of international Binance will lose access to the private keys of wallets and other tools of the US division.
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