By Tom Blitzer
Key Insights:
- Binance U.S resolves USD withdrawal issues through banking partner collaborations.
- Despite banking uncertainties, Binance U.S preps for a potential move to a crypto-only platform.
- Binance U.S expands crypto offering with new USDT pairings despite ongoing SEC scrutiny.
Earlier today, Binance US, the American branch of the world’s largest cryptocurrency exchange, revealed a significant accomplishment: successfully restoring its USD withdrawal system. Following intense dialogues with its banking associates, the exchange now assures that most USD withdrawal requests will be processed within five business days.
Taking the Bull by the Horns: Restoration of USD Withdrawals
Binance US embarked on a mission to resolve the issues plaguing its USD withdrawal service, leaving many customers in flux. The cryptocurrency titan succeeded in restoring almost all delayed withdrawal requests. It was achieved through collaborative efforts with the exchange’s banking partners, showing their commitment to providing seamless customer experiences.
The company now encourages users to resubmit their previously canceled withdrawal requests, reiterating that the system is back operational. However, despite this significant achievement, the company has also braced itself for potential future challenges.
Anticipating a Possible Shift: Transition to Crypto-Only Exchange
While the USD withdrawals and off-ramp services now function smoothly, Binance.US expects that banking partners might discontinue these facilities. The exchange proactively seeks additional banking partners for USD deposits and withdrawals, staying one step ahead of potential service disruptions.
The company has also hinted at a possible shift towards a crypto-only model. It suggests that users may convert their remaining USD balances to USDT (Tether), a popular stablecoin pegged to the US dollar, in anticipation of such a shift.
Binance US has rolled out new USDT pairings for a range of cryptocurrencies to prepare for this potential shift. The list includes but is not limited to DAI, ICX, XTZ, HBAR, IOTA, DASH, ZIL, ANKR, RVN, XNO, and WAVES. These new pairings are slated to begin trading on June 26. In tandem with this change, the exchange also plans to discontinue most of its USD Advanced Trading pairs on the same date.
Interestingly, Binance continues to support specific tokens, including Cardano, Solano, and Polygon (MATIC), despite the US SEC’s classification of these assets as securities in cases against Binance and Coinbase.
On another front, Binance has been proactive in defending itself legally. According to a recent court filing, a former Department of Justice prosecutor has been brought on board to represent the company in the SEC’s complaint.