![]() ![]() This occurred when local banking and payments partners suspended their services, resulting in a rush to sell and cash out. In May, the Australian branch experienced a significant drop in Bitcoin prices, reaching a 20% discount. The first thing youll need to do is to log. The crypto exchange has asked customers to withdraw dollars by June 13 as it transitions into a crypto-only trading platform. dollar deposits have been suspended and USD withdrawals will no longer be processed. It is worth noting that Binance.US has encountered similar challenges with its banking partners in Australia. When you have an account on Binance US, youll be able to withdraw money from your wallet using an ACH transfer. Binance US has informed its users that U.S. User assets at Binance are all backed 1:1 and Binance’s capital structure is debt. Only a small proportion of our users will be impacted by this and we are. A Binance spokesperson earlier said it always had more than enough funds to meet withdrawal requests. Related Reading: Binance To Launch Second Cristiano Ronaldo NFT Collection Binance, the world’s largest crypto exchange, said it would temporarily halt transfers of US dollars starting Wednesday. These include BTC, ETH, ADA, BNB, LTC, MATIC, SOL, VET, USDC, and USDT. In a tweet Thursday evening, Binance.US alerted customers that its banking partners would be shutting off withdrawal by June 13, which could prevent the exchange from accepting deposits or. Only 10 cryptocurrencies will still be able to be traded against the dollar out of the 150 supported cryptocurrencies on the exchange going forward. However, the company also disclosed its plan to remove most “USD Advanced Trading pairs” from the platform on the same date. Conversion Of USD Balances And Updates On Trading Pairsīinance.US has provided information regarding the potential conversion of remaining USD balances into Tether at a later date.Īdditionally, the announcement highlighted the introduction of new trading pairs involving ANKR, DAI, DASH, HBAR, ICX, IOTA, RVN, WAVES, XNO, XTZ, and ZIL on June 26.īNBUSD touches the $243 level | Source: TradingView This move reflects the exchange’s shift towards becoming a crypto-only platform. The exchange encourages its customers to take appropriate action with their USD holdings in light of these developments.In light of the current situation, Binance.US has advised customers who have encountered failed withdrawal attempts to resubmit their requests since the system is now functioning smoothly.Īdditionally, Binance.US is proactively encouraging its users to consider utilizing stablecoins, converting their USD, or withdrawing funds to facilitate continued crypto-to-crypto trading. The suspension of USD deposits and notification regarding the impending pause in fiat withdrawal channels come as a defensive measure to address the challenges posed by the SEC’s aggressive tactics. Please note, the minimum withdrawal amount is 1. Then, enter the withdrawal amount and tap ' Preview'. Select which ACH account you wish to send the funds to from the drop-down menu. Binance Prioritizing Customer Protection And Defending the Digital Asset Industryīinance.US’s proactive steps aim to prioritize customer interests and ensure the security of their assets. Select ' USD US Dollar ' from the Withdraw Funds screen 4. While transitioning to a crypto-only exchange temporarily, Binance.US assures its customers of maintaining 1:1 reserves for all customer assets, with crypto-related services remaining fully operational. Fellow Binancians, Daily withdrawal limits will be adjusted to 0.06 BTC for accounts which have completed only Basic Account Verification. Updated Please note: USD deposits, withdrawals, and trading have been paused. The exchange cites the need to protect its customers and platform amidst the challenges created by the SEC’s actions. Binance.US, in response to the aggressive tactics employed by the Securities and Exchange Commission (SEC) in its ideological campaign against the American digital asset industry, on its official Twitter handle has announced the suspension of USD deposits and impending fiat (USD) withdrawal pause.
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