Binance.US Resolves Withdrawal Issues, Pushes Stablecoin Adoption Amid Banking Concerns

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Cryptocurrency exchange resolving withdrawal issues, embracing stablecoins, anticipatory USD withdrawal termination, users converting USD to stablecoins, BTC, ETH, ADA, USDT, increasingly crypto-focused platform, falling USDT value, 10 new USDT digital asset pairs, SEC's classification debate, vigilant investment.

Binance.US, the American subsidiary of the renowned cryptocurrency exchange Binance, has recently announced the resolution of its USD withdrawal issues in collaboration with banking partners. Despite this progress, the exchange has cautioned users that their banking partners might cease these services in the near future. As a proactive measure, they have encouraged the conversion of USD fiat balances to stablecoins.

On June 23, the company shared their success in addressing almost all delayed USD withdrawal requests, aiming to complete them within a regular timeframe of five business days or less. Users with failed withdrawals have been advised to resubmit their requests, as the systems are currently functioning as expected. This marks a major milestone for the platform, ensuring adherence to their commitment towards user convenience.

However, Binance.US is also anticipating the potential termination of USD withdrawals or off-ramp services by their banking partners. With this possibility in mind, the exchange is actively seeking alternative banking partners to support USD deposits and withdrawals. Simultaneously, users are recommended to withdraw or convert their USD balances into stablecoins. As part of the transition towards a crypto-only exchange, remaining USD balances may be converted toUSDT in the future.

In a concerning development, USDT has experienced a falling value of 0.96 against the USD on Binance.US. This situation requires close monitoring to ensure optimum performance of the platform’s services.

The exchange also unveiled new USDT pairs for digital assets such as ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL. Trading for these pairs will commence on June 26 at 7 PM PDT / 10 PM EDT. Additionally, most USD Advanced Trading pairs will be removed on the same day, leaving only BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT available for USD pairings.

Interestingly, the exchange has retained Cardano, Solana, and Polygon (MATIC) despite the US SEC’s classification of these assets as securities in lawsuits against Binance and Coinbase.

Binance.US and its parent company have recently filed a motion against the SEC, citing contradictory statements about their alleged co-mingling of client assets. Both firms maintain separate wallets and management teams. With these ongoing developments, it is crucial for users to remain informed and vigilant in their cryptocurrency investments.

Source: Coingape

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