Binance US Resolves Dollar Withdrawal Problems

Binance US, a major American cryptocurrency exchange, has announced that it has fixed its issues with withdrawing U.S. dollars. The exchange worked with its banking partners to solve this problem, but it warns that the solution might not last long.

In a June 22 update, Binance US stated that its system is working properly. Withdrawals in U.S. dollars are expected to return to their usual five-day processing time. Earlier on June 9, the exchange had suspended dollar deposits and warned its customers about possible issues with withdrawing their money. This was due to its ongoing dispute with the Securities and Exchange Commission.

In its recent statement, Binance US urged customers who had failed withdrawal attempts to try again. However, it also warned that this current period of trouble-free withdrawals may not last. The exchange said, "While USD withdrawal remains fully operational on the platform today, we expect our banking partners to discontinue that service in the near future."

To prepare for this possibility, Binance US is advising its users to use, withdraw, or convert their U.S. dollars to a stablecoin. This will allow them to keep trading between different cryptocurrencies. Any leftover U.S. dollars in customer accounts might be turned into Tether, a type of stablecoin, at some point in the future.

Binance US is also adding more trading pairs with USDT, another type of stablecoin, on June 26. However, it will remove most “USD Advanced Trading pairs” on the same day. Only 10 out of the 150 cryptocurrencies supported by Binance US will still be tradable against the dollar.

Binance US has faced similar issues in Australia, where Bitcoin prices fell sharply in May after local banking and payment partners suspended their services.